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Genome Therapeutics Revenues, Losses Down in Last Quarter Prior to Merger with Genesoft

NEW YORK, March 5 (GenomeWeb News) - Genome Therapeutics reported decreased revenues and losses for the fourth quarter of 2003 today, the last quarter prior to its merger with Genesoft Pharmaceuticals, which was completed last month.

 

The company recorded $1.7 million in revenues, down from $5.8 million during the same period last year.

 

R&D expenses reached $4.6 million, down from $7.1 million year-over-year.

 

Genome Therapeutics reported a net loss of $1.3 million, or $.04 per share, down from $8.8 million, or $.38 per share, during the year-ago period.

 

As of Dec. 31, the company had $29 million in cash, cash equivalents, and marketable securities. This does not include $81 million in net proceeds Genome Therapeutics raised last month in conjunction with its merger with Genesoft.

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