NEW YORK, Feb. 4 (GenomeWeb News) - Large Scale Biology today reported a 38 percent drop in fourth-quarter revenues, year over year, along with a drop in R&D spending and narrowed losses.
LSBC posted revenues of $621,000 for the quarter ended Dec. 31, 2003, down from $997,000 in the year-ago period.
The company's net loss on a GAAP basis was $7.1 million, or $.28 per share, for the quarter, down slightly from $7.3 million, or $.29 per share, for the fourth quarter of 2002. A total of $2.2 million in charges was related to the closure of the company's Germantown, Md.-based fee-for-service proteomics business. LSBC said it was reevaluating this business in November.
LSBC spent $2.8 million on R&D in the fourth quarter of 2003, down from $4.4 million in the same period last year.
As of Dec. 31, 2003, the company had $7.7 million in cash and marketable securities.