NEW YORK (GenomeWeb News) — Lumera yesterday said first-quarter revenues increased 71 percent as R&D spending fell 20 percent and net loss narrowed 15 percent.
Total receipts for the three months ended March 31 increased to $860,000 from $503,000 million year over year.
Lumera also said it had just over $2 million in backlogged government contracts at the end of the quarter.
R&D spending dipped to $1.3 million from $1.6 million in the year-ago period.
Lumera said net loss fell to $2.7 million from $3.1 million in the year-ago period.
Lumera said it had around $5.4 million in cash and cash equivalents and $18.7 million in available-for-sale securities as of March 31.
Separately yesterday, Lumera said it has extended an agreement with the Institute for Systems Biology, which uses the company’s ProteomicProcessor to identify biomarkers associated with drug toxicity and cancer.
Lumera said the tool analyzes antibodies used by an ISB-developed label-free assay that works with Lumera’s NanoCapture-Gold microarray.
Lumera and ISB last extended proteomics research agreement in October 2006.