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MWG Biotech Total 2004 Revenues Decline 23.2 Percent

NEW YORK, March 25 (GenomeWeb News) - MWG Biotech this week reported total revenues of €33 million for 2004, down €10 million from €43 million in 2003.

 

The Ebersberg, Germany-based company did not report fourth quarter revenues, but attributed its 23.2 percent year on year loss the divestment and eventual sales of its Genomic Diagnosis (microarrays) and Genomic Technology (lab automation) units.

 

Still, MWG reported that its two core units, Genomic Synthesis and Genomic Information, also did not perform as well in 2004, bringing in €23.5 million in total receipts, compared to €27 million from the year prior.

 

MWG did not report R&D costs. The company said that as of Dec. 31, 2004, it had €9.2 million cash, down from €11.5 million at the end of 2003.

 

MWG said in a statement that it would continue to pare its workforce down to 165 employees from 285 through the first half of 2005. The company began cutting its workforce in October 2004 when it made the decision to divest from its microarray and lab-automation units.Since then it has also closed subsidiaries in Ireland, Denmark, Italy, France, and the UK, though last week it signed on an Italian distributor, M-Medical.

 

MWG Biotech completed the sale of its Genomic Diagnosis unit to Ocimum Biosolutions in February, following the sale of its Genomic Technology unit to Aviso the same month. Financial details of both deals were not disclosed.

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