NEW YORK (GenomeWeb News) – GeneLink today reported that its third-quarter revenues increased nearly 17 percent to $2.1 million from $1.8 million for the third quarter of 2008, with nearly all of its sales coming from its GeneWize nutritional and dermatological genetic testing services.
GeneLink posted a net loss of $784,000 for the quarter ended Sept. 30, an increase of 53 percent over its net loss of $514,000 for third quarter of 2008.
The Orlando, Fla.-based consumer genomics company said in a filing with the US Securities and Exchange Commission that it will require around $2 million in funding to pursue its marketing strategy. Without those funds, the firm said, it will likely continue to burn through cash and may not be able to continue operations.
GeneLink CEO Monte Taylor said in a statement that the firm has developed a new strategy for lowering the entry price of its LifeMap Me custom nutritional product in an effort to gain customers and increase revenues.
GeneLink finished the quarter with cash and cash equivalents of roughly $426,000.