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Nuvelo s Revenues Plunge, Losses Rise in Q1

NEW YORK, May 7 (GenomeWeb News) - Nuvelo yesterday reported increased losses and a drop in revenues for the first quarter of 2004.


Nuvelo's revenues plunged to $0.6 million, compared with $1.3 million in the first quarter of 2003. Net losses rose to $17.7 million, or $.65 per share, from year-ago losses of $13.6 million, or $.82 per share.


R&D expenses rose to $16.3 million in the quarter, compared with $10.8 million in the first quarter of 2003.


As of March 31, 2004, Nuvelo had $94 million in cash, cash equivalents, and short-term investments.


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