This article has been updated to correct an error in reporting genomics services sales.
NEW YORK, Aug. 12 (GenomeWeb News) - Genome Therapeutics reported today a sharp drop in second quarter revenues, in part reflecting the loss of sales from the Waltham, Mass.-based company's recently divested genomics services business.
Second quarter revenues were $1.7 million, down from $6 million in the year-ago quarter. Genomics services sales fell to $253,000 from $4 million, while revenues from the company's core biopharmaceutical operations slipped to $1.5 million from $1.9 million.
Genome Therapeutics' second quarter R&D expenses dropped to $4.3 million
friom $8.3 million, a decline the company attributed to a reduction in early-stage discovery research.
The company net loss for the quarter was $13.9 million versus $8.3 million in the same period last year.
As of June 28, Genome Therapeutics had cash, cash equivalents, and marketable securities totalling roughly $27.9 million.