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Genomica s Q3 Revenues Up, Losses Widen Sharply

NEW YORK, Nov 10 – Due to a widening customer base for its Discovery Manager software platform, Genomica reported revenues of $409,000 for the third quarter Friday, up from $233,000 for the year-ago quarter.

But amid this slight revenue jump, the Boulder, Colo. Company said its net third quarter losses widened to $6.2 million, up from $1.6 million for the year-ago period.

Genomica launched its Linkmapper genetic data software management system during the quarter, to be sold by Applied Biosystems as part of an existing sales and development alliance between the two companies.

In releasing its third-quarter report, Genomica emphasized that its third-quarter results do not reflect the momentum it has gained since its initial public offering, which it raised $122 million and completed October 4.

" In the short time since we completed our initial public offering, we have already achieved a major milestone with the launch of our LinkMapper software on the Java and Oracle technology platforms as a part of our strategic alliance with Applied Biosystems," said Genomica CEO Teresa Ayers in a statement.   “We will use the proceeds to increase our sales and marketing presence, accelerate product development, expand our product offerings and aggressively pursue additional strategic alliances.”

Genomica’s operating expenses during the quarter rose to $3.7 million, up from $2.0 million in the third quarter of 1999. This increase included Research and development costs of $2.9 million, compared to $1.1 million for the year-ago period. Its sales and marketing costs also increased to $2.1 million, from $442,000 for the year-ago period.

The company reported total cash assets of $14.1 million at the end of the quarter. But this did not include its net cash proceeds of $112.5 million from its IPO, which would bring its total cash assets to $126.6 million.

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