GeneNews, Formerly Chondrogene, Says Q3 Revenue Dips 1 Percent as Losses Swell 44 Percent

Nov 08, 2006

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.

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