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InforMax Reports Improved Q2 Losses; Beats Analysts Projections

NEW YORK, Aug. 1 - InforMax on Wednesday reported a slight improvement in second-quarter losses on top of a nearly 130 percent surge in revenues over the same period last year.

The Bethesda, Md.-based bioinformatics company reported a $0.17 diluted net loss per share, beating by 42 cents its earnings per share over the same period last year and by 1 penny a consensus of analysts polled by Thomson Financial/First Call.

Losses per share were calculated using 22, 474,514 outstanding shares, which reflect a 2 million share increase over the first quarter, InforMax said.

Strong contracts for the quarter ended June 30 caused revenues to jump to $7.6 million from $3.3 million year-over-year, the company said in a statement. InforMax added that it "continues to feel comfortable" that it is on track to reach a fiscal 2001 net loss per share of between $.54 and $0.60, excluding non-cash charges, on total annual revenues of $32 million.

Fiscal net loss projections are based on an estimated 22.9 million outstanding shares.

The company said in its statement that it feels "optimistic" about its performance near term, saying that its sales pipeline together with a strong overall bioinformatics software market might nudge it into the black by the fourth quarter 2002.

"Our second quarter (2001) revenues and total bookings results represent record levels for InforMax and serve to highlight the continued strength of both GenoMax, our enterprise bioinformatics and platform, and Vector NTI Suite for the desktop," Alex Titomirov, InforMax's chairman and CEO, said in the statement.

"Looking forward, we plan to continue to build on our leadership position in the growing markets for the enterprise and desktop bioinformatics software solutions," he added.

On Tuesday, InforMax said it had signed a deal to license its GenoMax software system to Windber Research Institute.

Under the terms of the deal, InforMax will also provide system support and professional services to Windber, a research laboratory for the Walter Reed Army Medical Center's breast cancer project.

Financial terms of the deal were not disclosed.

The Windber Research Institute is a national tissue repository with links to a functional genomics and proteomics laboratory.

InforMax has more than 30 biotech customers for GenoMax, which is designed to work with several types of genomics and proteomics data.

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