Skip to main content
Premium Trial:

Request an Annual Quote

Genome Therapeutics Sees Drop in Q4 Earnings and R&D Spending, Net Losses Widen

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.

 

Click here for further information.

The Scan

Support for Moderna Booster

An FDA advisory committee supports authorizing a booster for Moderna's SARS-CoV-2 vaccine, CNN reports.

Testing at UK Lab Suspended

SARS-CoV-2 testing at a UK lab has been suspended following a number of false negative results.

J&J CSO to Step Down

The Wall Street Journal reports that Paul Stoffels will be stepping down as chief scientific officer at Johnson & Johnson by the end of the year.

Science Papers Present Proteo-Genomic Map of Human Health, Brain Tumor Target, Tool to Infer CNVs

In Science this week: gene-protein-disease map, epigenomic and transcriptomic approach highlights potential therapeutic target for gliomas, and more