NEW YORK, Feb. 6 (GenomeWeb News) - Nuvelo yesterday reported a sharp drop in revenues, along with narrowing losses, for the fourth quarter of 2003.
Nuvelo, which resulted from a merger of Hyseq and Variagenics, booked $350,000 in revenues for the quarter, down from $3.5 million a year ago.
R&D expenses decreased to $6.7 million, from $9.3 million during the year-ago period.
The company's net loss was $9.4 million, or $.12 per share, down from $16.5 million, or $.72 per share, during the same period last year.
As of Dec.31, Sunnyvale, Calif.-based Nuvelo had $34.7 million in cash, cash equivalents, short-term investments, and restricted cash.