Logo

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

Oct 22, 2004

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.

 

 

 

Breaking News
The Scan

Positive Framing of Genetic Studies Can Spark Mistrust Among Underrepresented Groups

Researchers in Human Genetics and Genomics Advances report that how researchers describe genomic studies may alienate potential participants.

Small Study of Gene Editing to Treat Sickle Cell Disease

In a Novartis-sponsored study in the New England Journal of Medicine, researchers found that a CRISPR-Cas9-based treatment targeting promoters of genes encoding fetal hemoglobin could reduce disease symptoms.

Gut Microbiome Changes Appear in Infants Before They Develop Eczema, Study Finds

Researchers report in mSystems that infants experienced an enrichment in Clostridium sensu stricto 1 and Finegoldia and a depletion of Bacteroides before developing eczema.

Acute Myeloid Leukemia Treatment Specificity Enhanced With Stem Cell Editing

A study in Nature suggests epitope editing in donor stem cells prior to bone marrow transplants can stave off toxicity when targeting acute myeloid leukemia with immunotherapy.