NEW YORK, March 4 - Genome Therapeutics reported today a fall-off in revenues for the fourth quarter ended December 31, 2002, along with lower R&D spending and a slightly increased net loss.
The company posted revenues of $5.8 million for the quarter, down from $8.9 million in the fourth quarter of 2001.
Research and development expenses for the quarter fell to $7.1 million, compared to $10.5 million in the same period of 2001. For the year, the company's R&D spending increased to $32 million from $24 million in the prior year. Genome Therapeutics attributed this increase to clinical development of its Phase III anti-infective candidate, Ramoplanin, as well as increased investment in internal research programs in anti-infectives and chronic human diseases. Total expenses for the quarter were down, at $14.5 million compared to $17.3 million for the fourth quarter of 2001.
The company's net loss widened to $8.8 million for the quarter, or $0.38 per basic and diluted share, compared to a net loss of $7.9 million, or $0.35 per basic and diluted share for the same period of 2001.
Genome Therapeutics had $51 million in cash, cash equivalents, restricted cash, and marketable securities at the end of 2002, compared to $67 million at the end of 2001. The company's current cash holdings include $15 million raised through a convertible financing last year.
For the fiscal year ending December 31, 2003, Genome Therapeutics said it expects a net loss of $20 million to $25 million.
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