NEW YORK (GenomeWeb News) — Gene Logic said today its first-quarter revenues fell 63 percent as R&D spending remained flat and net losses narrowed 17 percent.
Total receipts for the three months ended March 31 fell to $3.3 million from $8.7 million year over year.
All of the company’s revenue came from its genomics services business. Gene Logic reiterated that it has hired outside advisors to “assist in considering strategic alternatives” for its genomics business.
R&D was flat for the first quarter at $2.4 million.
The company said net losses decreased to $10.1 million from $11.8 million in the year-ago period.
As of March 31, Gene Logic had $27.4 million in combined cash and cash equivalents, and $15.7 million in marketable securities.