NEW YORK, Feb. 21 (GenomeWeb News) - Genomics One reported last week an increased net loss in 2004 amid declining revenues.
According to the Quebec-based genomics products research firm, its sales for the year were down 11.7 percent to $328,426 from 2003. Genomics One attributed the drop to the weakening US dollar, which allowed American competitors to sell their products in Canada at reduced prices. As a result, Genomics One said it had to reduce the prices on its products to remain competitive.
Costs associated with commercialization and market development rose to $635,211 in 2004 from $535,349 the year before. Meanwhile, general and administrative expenses in 2004 dropped to $878,636 from about $1 million in 2003.
Genomics One posted a net loss of $798,932 in 2004, up from a loss of $589,972 in 2003.
The company had working capital of $871,463 at the end of 2004, and said that it seeking additional financing to ensure that it has resources to fund operations beyond 2005.