Skip to main content
Premium Trial:

Request an Annual Quote

MWG, Minus Two Units, Posts 35-Percent Decline in Revenues for H1; Restructuring to Continue

NEW YORK, July 29 (GenomeWeb News) - MWG Biotech today reported a sharp downturn in revenues and a widening loss for the first half of 2005.

 

MWG Biotech also said it is still restructuring but did not provide details.

 

The company's revenues for the first six months totaled €11.4 million ($13.8 million), down 35 percent from €17.6 million ($21.4 million) during the same period in 2004. All of this year's revenues so far resulted from MWG's two remaining business units -- DNA/RNA synthesis and DNA sequencing -- which contributed €11.8 million to revenues during the same period last year. Earlier this year, MWG sold its ailing microarray and lab automation units.

 

The company's net loss was €17.4 million, more than twice the amount of last year's loss of €6.5 million ($7.9 million) during the same period. "This was due in particular to extraordinary depreciation on buildings, to adjustments of value on accounts receivable especially from the US subsidiary, and to the setting up of reserves for further restructuring measures," according to a company statement.

 

As of June 30, MWG had €6.6 million in liquid funds.

 

The restrucring "process must be carried through to the end in order to ensure a profitable and lasting future for the group as a whole," according to a company statement. MWG will hold an extraordinary shareholder meeting on Sept. 7.

The Scan

Researchers Compare WGS, Exome Sequencing-Based Mendelian Disease Diagnosis

Investigators find a diagnostic edge for whole-genome sequencing, while highlighting the cost advantages and improving diagnostic rate of exome sequencing in EJHG.

Researchers Retrace Key Mutations in Reassorted H1N1 Swine Flu Virus With Avian-Like Features

Mutations in the acidic polymerase-coding gene boost the pathogenicity and transmissibility of Eurasian avian-like H1N1 swine influenza viruses, a PNAS paper finds.

Genome Sequences Reveal Evolutionary History of South America's Canids

An analysis in PNAS of South American canid species' genomes offers a look at their evolutionary history, as well as their relationships and adaptations.

Lung Cancer Response to Checkpoint Inhibitors Reflected in Circulating Tumor DNA

In non-small cell lung cancer patients, researchers find in JCO Precision Oncology that survival benefits after immune checkpoint blockade coincide with a dip in ctDNA levels.