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NEWSBRIEF: Valentis Posts Fallen Revenue, Widened Loss in Q3

NEW YORK, May 13 - Valentis on Friday reported that falling third-quarter revenue caused a widened net loss.

 

Total revenue for the period ended March 31 fell to $833,000 from $1 million in the year-ago quarter.

 

R&D followed suit, decreasing to $5.6 million in the third quarter 2002 from $6.9 million one year ago.

 

Net loss widened to $11 million, or $.30 per basic and diluted share compared with $10.2 million, or $.34 per basic and diluted share, year over year, the company reported

 

Valentis said it had roughly $25.2 million in cash, cash equivalents, and short-term investments as of March 31.

 

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