NEW YORK (GenomeWeb News) - GeneNews today said third-quarter revenues tumbled as R&D spending was stable and net loss swelled 43 percent.
Total receipts for the three months ended Sept. 30 decreased to CA$189,000 (US$204,000) from CA$878,000 year over year.
The Toronto-based company said the only source of its revenue in 2007 so far stems from a CA$2 million agreement with an Asian biomedical consortium to identify and validate biomarkers for prostate disease. The company’s 2006 revenue came from a collaboration with Pfizer, which ran its course in the first quarter of 2007.
R&D spending was flat at around CA$2.3 million.
Net loss increased to CA$3 million from CA$2.1 million in the year-ago period.
GeneNews said it had around CA$13 million in cash and cash equivalents as of Sept. 30.
The company, which is focused on biomarker research and development for diagnostic products, did not offer revenue projections for the full year.