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Informax Q4 Revenues Jump 59 Percent

NEW YORK, Feb 7 – Informax said Wednesday its fourth quarter revenues jumped 59 percent to $5.8 million, compared with $3.6 million in the corresponding period in 1999, as the company added six new customers for Genomax.

For 2000, Informax’ revenues were up 71 percent, to $17.1 million.

“More than 22,000 scientists worldwide now use InforMax bioinformatics software solutions,” said Alex Titomirov, InforMax CEO, noting that more than 22,000 scientists around the world use the company’s products.

For the fourth quarter, total bookings, including executed software license contracts, software purchase orders, and billable services, increased 67% to $7.1 million, versus $4.3 million for the same period in 1999. For the year, total bookings more than doubled to $20.6 million, compared with $10.0 million in 1999.

The loss from operations more than tripled in the fourth quarter to $3.8 million, compared with $781,000 in the year ago period, as expenses increased across the board. R&D spending rose to $1.5 million, compared with $831,000, and selling, general, and administrative costs were up to $6.6 million from $2.7 million.

For the year, the loss from operations increased almost sixfold to $11.9 million, compared with $2.0 million in 1999.

Net losses for the quarter widened to $2.4 million, or 13 cents a share, compared with a net loss of $600,000, or 14 cents a share, for the fourth quarter of 1999. For the year, net losses widened to $21.0 million, or $2.17 a share, compared with a net loss of $1.5 million, or 38 cents a share, in 1999.

Titomirov said, however, that Informax of Rockville, Md., was on track to become profitable by fourth-quarter 2002.

" We fully expect that revenues, especially in our core bioinformatics software business, will continue to distinguish InforMax from its competitors," he said.

At the end of the year, Informax had 236 employees, up from 115 a year earlier.

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