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