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Icoria Q4 2004 Revenues Up 15.6 Percent; 2004 Receipts Still Below Expectations

NEW YORK, March 24 (GenomeWeb News) - Icoria today reported fourth-quarter 2004 revenue of $6.3 million, up 15.6 percent from $5.5 million in the same quarter of 2003, according to documents filed with the US Securities and Exchange Commission today.


Total revenue for 2004 was $24.6 million, up $3.5 million from $21.1 million in 2003, but the numbers were below what Icoria was hoping for. "While we achieved record revenue in 2004, it was below our expectations, largely due to a lack of new commercial activity in quantitative analytics," Heinrich Gugger, Icoria president and CEO, said today in a statement.


Research and development expenses for the recent quarter were $6.1 million, compared to $1.7 million in the fourth quarter of 2003.


Icoria's fourth-quarter 2004 net loss jumped to $4.1 million, or $.11 per share, from $2.2 million, or $.07 per share, in the similar quarter in 2003.


The company's cash, cash equivalents, and short-term investments amounted to $9.6 million as of December 31.


Separately today, Icoria announced the sale of its agricultural genomics assets to Monsanto for $6.75 million in order to reposition itself as a biomarker-discovery company, the firm said.


Monsanto, which will get Icoria's Research Triangle Park, NC, facility in the deal, paid $4.75 million up front for the assets, with the remainder to be paid in January 2006, Icoria said.


Icoria, formerly known as Paradigm Genetics, said it expects to reduce its headcount by 70 staffers by the end of the second quarter, bringing headcount to 120. It added that 60 of these employees are expected to join Monsanto. Additional lay-offs occurred at Icoria's Pittsburghoffices, the company said.

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