NEW YORK, April 22 - Large Scale Biology reported today a small increase in revenues for the first quarter, along with a slightly narrower net loss and a steep drop in R&D expenses.
The company's revenues totaled $0.9 million for the first quarter of 2002, compared to $0.4 million for the first quarter of last year, but were slightly less than the total revenues the company reported for the fourth quarter of 2002.
Research and development expenses for the quarter fell to $3.2 million, from $6.2 million for the year-ago quarter. Last June, the company cut 58 employees and slashed salaries, leaving it with a staff of 127.
Large Scale Biology has $19.1 million in cash, cash equivalents, and marketable securities at the end of March, compared to $23.1 million for the same period last year.