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Genome Therapeutics Q2 Revenues Fall After Sale of Genomics Services Operations

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.

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