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Gene Logic Reports Fourth Quarter 2000 Earnings of $9.2 million; Predicts Net Loss for 2001

NEW YORK, Feb 20 - Sales of Gene Logic's GeneExpress software continued to spur revenue growth at the company, contributing to fourth quarter 2000 revenue of $9.2 million, the company said Tuesday.

Operating expenses increased in tandem--primarily due to higher R&D expenditures--from $11.5 million for the fourth quarter of 1999 to $18.5 million in the final quarter of 2000. Gene Logic said it directed R&D efforts at building database content and improving bioinformatics capabilities for its GeneExpress database of expressed gene profiles.

Fourth quarter 2000 losses totaled $5.5 million, or 21 cents per share, down from $5.9 million, or 29 cents per share for the year-ago quarter.

During 2000, Gene Logiccompleted a secondary public offering with net proceeds of $248 million, signed up 11 new pharmaceutical and biotech companies to GeneExpress, and arranged for Amersham Pharmacia Biotech to sell the company's products in Japan.

Last week, Gene Logic said it had signed Genentech as a user of BioExpress, a database of gene expression information for normal and diseased human and other animal tissues. The company is also planning to launch two new databases by the end of the year: PharmExpress, and CloneExpress. PharmExpress, to be available by the end of the third quarter, will offer information about the effect pharmaceuticals have on gene expression; CloneExpress, available by the end of the fourth quarter, will provide users with full-length clones of genes with expression patterns of interest in drug development.

In the future, the company plans to continue filing patents on genes associated with certain diseases, CEO Mark Gessler said in a conference call for investors. 

Gessler also cheered the publication of the human genome sequence last week. "We'll potentially be able to benefit from the human genome annoucement." The number of genes may be lower than expected, he said, but "people are really trying to gauge what's going on in the transcripts."

However, Gene Logic also said it expects to see a wider net loss for 2001 as a result of increases in operating expenses, and Gessler said he was not ready to predict when the company would become profitable.

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