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Gene Logic Revenues Shrink, Net Income Falls on Costs of Horizon Technology Buy

This article has been updated from a previous version to include additional information about the company's assets.

NEW YORK, Oct. 21 (GenomeWeb News) - Gene Logic earned $17 million in the third quarter ending on Sept. 30, down from total revenues of $17.7 million for the year-ago quarter, the company said today.

Net loss for the Gaithersburg, Md.-based company increased to $14. 6 million, from $10 million for the year-ago quarter based largely on a $9 million charge for purchased research and development associated with the acquisition of the Horizon technology from Millennium on July 23.

Gene Logic spent $631,000 on research and development in the quarter, up from $540,000 for the year-ago period.

The company reported cash and cash equivalents of $47 million on hand, and marketable securities of $60.1 million, down from $49 million and $63 million, respectively, on hand at Dec. 31, 2003.




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