NEW YORK, April 23 (GenomeWeb News) - Gene Logic reported a steep increase in revenues and slightly narrowed losses for the first quarter today.
Revenues for the quarter climbed to $20.2 million, from $12.7 million during the same period last year. The company attributed most of this increase to revenues from Gene Logic Laboratories, formerly TherImmune Resaerch, which it acquired last April.
Research and development costs decreased to $0.4 million, from $0.6 million during the first quarter of 2003.
Gene Logic's net loss narrowed to $5.5 million, or $.18 per share, from $5.8 million, or $.21 per share, for the first quarter last year.
As of March 31, Gene Logic had $110.8 million in cash, cash equivalents, and marketable securities, of which $53.7 million were cash and cash equivalents.