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Lumera's Revenues Fall 44 Percent as It Shuts Down Plexera's Operations

NEW YORK (GenomeWeb News) – Lumera reported after the close of the market yesterday that its first-quarter revenues fell 44 percent and its net loss rose 124 percent as the company has stopped making investments in its Plexera Bioscience proteomics business. 
 
Lumera said in its earnings report that it had revenues of $484,000 for the three-month period ended March 31, 2008, compared to revenues of $860,000 in the first quarter of 2007.
 
Bothell, Wash.-based Lumera posted a net loss of $6 million, or $.30 per share, compared to a net loss of $2.7 million, or $.13 per share, in the comparable period of 2007.
 
Lumera’s R&D spending rose more than 80 percent to $2.3 million, up from $1.3 million, while SG&A costs nearly doubled to $4.1 million from $2.2 million.
 
The firm finished the quarter with $2.5 million in cash and cash equivalents.
 
Lumera announced in March that it had discontinued Plexera’s operations and had reached an agreement to merge with GigOptix, a private company that makes integrated circuits for optical systems.
 
The firm reported a total of $934,000 in restructuring costs related to Plexera over the quarter. Those costs included $534,000 for severance for 29 total positions (23 of which were Plexera layoffs), a $243,000 provision for the impairment of Plexera’s fixed assets, and contract and license termination costs of $157,000.
 
The company said it is currently “seeking ways to realize the value from Plexera’s assets and intellectual property.”

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