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With Only Grant Revenue Trickling In, Helicos' R&D Costs Deepen Q3 Loss

NEW YORK (GenomeWeb News) — In its second quarterly earnings report since its initial public offering in May, Helicos today said it gained minimal revenue from grants while R&D spending rose 73 percent and its net loss grew by 68 percent compared to the prior-year period.
 
Total receipts for its third quarter ended Sept. 30 were $230,000 while the company claimed no revenue for the third quarter of 2006.
 
The company said all of its revenue for the quarter, and for the year to date, came from grants from the National Institutes of Health.
 
Helicos’ R&D spending for the third quarter rose to $7.2 million from $4.2 million year over year, and its general and administrative costs nearly doubled to $3.6 million from $1.9 million.
 
The firm's net loss swelled to $10 million from $5.9 million in the comparable period of 2006.
 
As of Sept. 30, Helicos had $54.9 million in combined cash and cash equivalents.

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