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Hyseq Losses Dwindle, Revenues Climb for Q2

NEW YORK, July 25-Hyseq today reported a small decrease in net losses and a modest increase in revenues for the second quarter of 2002.

 

For the three months ended June 30, 2002, Hyseq reported a net loss of $8.1 million, or $0.37 per share. Losses for the second quarter 2001 were $8.4 million, or $0.55 per share.

 

Hyseq said that its revenues for the quarter had climbed to $11.9 million from $11.6 million for the equivalent quarter in 2001.

 

During the second quarter of 2002, the company also pocketed about $15 million from a private stock placement.

 

R&D expenditures dwindled slightly, from $11 million in the second quarter of 2001 to $10.7 million in Q2 2002.

 

Hyseq said it had $11.8 million in cash on hand as of June 30, 2002.

 

For more information, see the company quarterly report.

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