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Gene Logic's Q3 Revenues Increase 22 Percent as Losses Narrow 70 Percent

NEW YORK (GenomeWeb News) — Gene Logic today said third-quarter revenues rose 22 percent as R&D spending increased 4 percent and net loss narrowed by 70 percent.
Total receipts for the three months ended Sept. 30 rose to $4.5 million from $3.7 million year over year and came largely from the company’s genomic-services business, which posted flat revenues compared to the same quarter in 2006. Receipts from the company’s drug-repositioning business swelled to $841,000 from $6,000 in the year-ago period.
R&D spending increased to $2.7 million from $2.6 million year over year.
Gene Logic said net loss decreased to $7.9 million from $26.7 million in the year-ago period.  
As of Sept. 30, Gene Logic, which last week said it will sell its genomic assets to Ocimum Biosolutions for $10 million, had $22.6 million in cash and equivalents and $8.9 million in marketable securities.

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