NEW YORK, May 10 (GenomeWeb News) - MWG Biotech this week reported a 43-percent decline in total revenues for the first quarter of 2005, and reaffirmed its commitment to lay off nine staffers by the end of the year.
Total receipts for the three months ended March 31 fell to €5 million ($6.5 million) from €8.9 million in the prior-year period.
The company attributes the decline to the sale of its genomic diagnosis and genomic technologies units to Ocimum Biosolutions in March.
MWG also saw a slight decline in revenues for its remaining DNA/RNA synthesis and DNA sequencing units, which slid 16.6 percent to €5 million from €5.9 million in the same quarter of 2004.
Still, the company managed to cut its net losses to €30,000 from €2.43 million in the same quarter of 2004, although the DNA/RNA Synthesis and DNA Sequencing units only amounted to €35,000 of the 2004 net loss.
The company also noted that its overhead costs had declined by €4 million to €3 million over the past year, and reaffirmed its commitment to pare its 174 employees to 165 by the end of the year.
On the reporting date March 31, MWG Biotech had cash and cash equivalents worth €6.6 million.