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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.  
 
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.
 
 

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