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Gene Logic Reports Increased Revenue, Losses

NEW YORK, Oct. 24 (GenomeWeb News) - Gene Logic of Gaithersburg, Md. today reported a 25 percent increase in year-over-year revenues for the third quarter, posting $17.7 million in revenues this quarter compared with $14.2 in the third quarter of 2002. The company attributed the increase to its recent acquisition of TherImmune Research, which was completed April 1. This increase is down from a 38 percent increase year-over-year in the second quarter of 2003.


Gene Logic's net losses for the quarter were $10.1 million, compared with $7 million in the year-ago period. The company spent $540,000 on R&D, compared with $641,000 in 2002.


As of Sept. 30, the company had $71 million in cash and cash equivalents.


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