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Incyte Second Quarter Revenues Plummet

NEW YORK, July 30 - Incyte of Palo Alto, Calif., today reported revenues of $11 million for the second quarter ending June 30, compared to revenues of $29 million for the same quarter last year.


The company reported research and development expenses of $30 million, compared to $38 million for the year-ago period.


During the quarter, the firm fired 52 employees in closing its San Diego drug discovery facility and discontinuing target validation work conducted in Palo Alto. In a statement, the company said that it saved $10 million by this consolidating of its drug discovery activities to its Delaware facility.


Incyte reported a net loss of $27 million, compared to $17.5 million for the year ago quarter.


The company reported cash and cash equivalents, and marketable securities of $361 million, compared to $430 million as of Dec. 31.

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