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NEWSBRIEF: Paradigm Genetics Sees Revenue Upswing, Increased Losses

SAN FRANCISCO, May 1 - Paradigm Genetics today posted an 8 percent increase in revenue and widened net losses in its first quarter.

 

Total revenue for the first quarter ended March 31 came in at $5.9 million compared with $5.4 million one year ago. The company said the revenue rise was from the sale of herbicide assays developed in collaboration with Bayer.

 

Net loss for the quarter increased to $5.2 million, or $.16 per common share, compared with $4 million, or $.15 a share, for the year-ago period, according to the company.

 

R&D spending increased to $8.1 million compared to $6.4 million for the first quarter in 2001.

 

Paradigm Genetics said it had roughly $8.3 million in cash, cash equivalents, and short-term investments as of March 31.

 

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