NEW YORK (GenomeWeb News) — GeneNews, Formerly Chondrogene, today said third-quarter revenues decreased 1 percent as R&D spending rose 31 percent and loss swelled 44 percent.
Total receipts for the three months ended Sept. 30 decreased to CA$878,000 (US $777,000) from CA$891,000 year over year. The company said revenues came from sales of its functional genomics services and from a one-time payment from Pfizer as part of a research collaboration.
R&D spending increased to CA$2.3 million from CA$1.8 million year over year.
The company said loss increased to CA$2.1 million from CA$1.5 million in the year-ago period.
GeneNews said it had around CA$23.4 million in cash and cash equivalents as of Sept. 30.
GeneNews changed its name from Chondrogene in late October. The company has also recently appointed former Roche Molecular Systems CEO Heiner Dreismann to its board, and began trading on the Toronto Stock Exchange.