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Gene Logic Shares Jump 11.7 Percent on Modest Q2 Revenue Growth

NEW YORK, July 20 (GenomeWeb News) - Shares in Gene Logic were up 11.68 percent, or $.46, at $4.40 in mid-afternoon trading after the company posted increased revenues and declining losses for the second quarter of 2005.

 

As GenomeWeb News reported this morning, revenues for the quarter totaled $20.1 million, up 8 percent from $18.6 million during the same period a year ago. Of those, $14.2 million came from genomics and toxicogenomics services, a 12-percent increase, while revenues from nonclinical contract research services decreased 2 percent, to $5.8 million.

 

The company's research and development expenses for the quarter were $1.4 million, up from $400,000 during the year-ago period.

 

Gene Logic's net loss for the quarter was $2.6 million, or $.08 per share, down 41 percent from $4.4 million, or $.14 per share, during last year's second quarter. Part of this improvement came from $500,000 in savings compared to last year's quarter due to a new income tax treaty between the USand Japan that came into effect July 1, 2004.

 

As of June 30, Gene Logic had $69 million in cash and cash equivalents, and $29 million in marketable securities.

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