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Nuvelo Posts Miniscule Revenue, Doubled Losses in Q2

NEW YORK, July 31 - Nuvelo reported  a severe falloff in second-quarter revenue atop decreased R&D spending and a widened net loss.

 

Total receipts for the period ended June 30 shrank to $394,000 from $6.7 million over the same period one year ago. The company attributed the fall to the completion of a gene-discovery collaboration with BASF Plant Science.

 

Nuvelo, the product of a merger by Hyseq and Variagenics, said second-quarter R&D spending also fell, to $7.3 million from $10.7 million year over year.

 

Net loss in the quarter more than doubled to $16.3 million, or $.26 per share, from $8 million, or $37 per share, during the second quarter 2002. Nuvelo attributed the loss to a one-time $5 million charge related to the termination of a lease with one of its facilities.

 

Ted Love, president and CEO of Nuvelo, said the firm is continuing to "monetize" the none-core assets acquired from Variagenics. It was not clear what assets have been sold, or what others have been put on the block. A Nuvelo spokesman did not immediately return a telephone call seeking comment.

 

Nuvelo said it had around $26.6 million in cash, cash equivalents, and short-term investments as of June 30.

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