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NEWSBRIEF: DeCode Marks Q1 With Strong Revenue Growth, Narrowed Loss

NEW YORK, May 14 - DeCode said last night that an increase in corporate partnerships helped drive strong first-quarter revenue growth and a narrowed net loss.

 

Total revenue for the period ended March 31 was $9.5 million, an 88-percent increase from the $5.0 million it posted one year ago, the company said.

 

R&D spending for the quarter dipped to just under $18 million from more than $20 million in the first quarter 2002. This, plus 8.4 million new shares issued following DeCode's acquisition of MediChem Life Sciences in late March, helped narrow net loss to $11.2 million, or $.24 per share, from $16.1 million, or $.37 per share, in the year-ago period.

 

DeCode said it had slightly more than $147 million in cash and cash equivalents as of March 31.

 

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