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NEWSBRIEF: Gene Logic Reports Widened Revenue, Narrowed Loss, Contracted R&D in Q1

NEW YORK, April 29 - Gene Logic today reported wider revenue and a narrower first-quarter loss as it racked up more pharma and biotech subscribers.

Revenue for the period ended March 31 rose to $11.8 million from $8.2 million, and net loss narrowed to $7.5 million, or $.28 a share, from $10.6 million, or $.40 per share, one year ago.

 

R&D spending contracted in the quarter to $14.3 million from $15.7 million in the year-ago period, Gene Logic said. The company's bank account saw a boost, growing to $185 million as of March 31 compared with $128 million as of the same time last year.

 

For more information, readers may click here. A conference call is scheduled for 10:00 a.m. Eastern time.

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