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Icoria Books Record Revenues from Contracts, Though Net Loss Swells 40 Percent

NEW YORK, Nov. 8 (GenomeWeb News) - Icoria today reported record revenues from contract work for the third quarter of 2004, while its loss increased.


The company booked $7.1 million in revenues for the quarter ended Sept. 30, up from $6 million during last year's third quarter. The revenue, the highest the company ever received during a quarter, were due primarily to revenues from existing contracts from the NIEHS and Pioneer. Icoria also said it has signed new contracts with pharmaceutical companies that will contribute to revenues during the next quarter.


Icoria's R&D expenses climbed to $7.5 million from $6.2 million during the same quarter a year ago.


The company's net loss for the quarter swelled by 40 percent to $3.1 million, or $.08 per share, from $2.2 million, or $.07 per share, during the year-ago period. This increase derived from higher material costs for contract work, increased R&D costs, additional sales and marketing costs, and amortization of assets associated with the acquisition of TissueInformatics.


As of Sept. 30, Icoria, formerly Paradigm Genetics, had $7.1 million in cash, cash equivalents, and short-term investments.

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