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Orchid Biosciences Reports Revenues of $5.6 Million for Q1 2001

NEW YORK, May 10 – Orchid Biosciences reported revenues of $5.6 million for the first quarter of 2001 Thursday, up from $3.5 million in the comparable quarter last year.

Orchid attributed the revenue increase to sales of its SNPstream SNP scoring and DNA testing services, collaboration and license fees, and revenues from Cellmark Diagnostics, a genetic testing company Orchid acquired in February of 2001.

“During this quarter, we installed and began selling consumables to an additional SNPstream 25K system customer, recorded increases in sales of our SNPware consumables, and announced a landmark SNP scoring and pharmacogentics service agreement with pharmaceutical giant AstraZeneca,” Dale Pfost, CEO of Orchid, said in a statement.

Operating expenses, however, also edged up, to $17.8 million from $11.6 million in the year-ago quarter. Research and development expenses rose to $6.7 million from $4.4 million, and selling, general, and administrative expenses also increased from the comparable quarter a year ago, to $7.4 million from $4.9 million.

Excluding certain charges for equity issuances, the company’s net loss for the first quarter of the year jumped to $11.5 million, or 31 cents per share, from $7.6 million, or 14 cents per share for the first quarter of 2000.

Wall Street had expected Orchid to lose 34 cents per share, according to a poll of four brokers conducted by Firstcall/Thomson Financial.

As of March 31, the company had cash and cash equivalents of $50.8 million, compared to $66.4 million on December, 31, 2000.

During the quarter, Orchid also demonstrated its SNPstream 100K system, which can analyze 100,000 genotypes in a shift, compared with 25,000 for its SNPstream 25K system. The company will make the new system available as part of its MegaSNPatron service facility next year.  
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