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Orchid Q4 Revenues Surge on Sales of Goods and Services

NEW YORK, Feb 26 – Orchid Biosciences reported Monday a sharp increase in fourth-quarter 2000 revenues to $5.4 million, compared with $547,000 in the corresponding period in 1999, as sales of its products and services rose.

For the year, revenues totaled $18.4 million, compared with $1.8 million in 1999. Sales of its SNPstream 25,000 platforms, SNPware consumables, single nucleotide polymorphism scoring services, collaboration and license fees, and the addition of the   GeneScreen DNA testing operations helped to drive revenues higher in 2000. GeneScreen, which Orchid acquired in late 1999, is involved in paternity and forensic testing.

“We intend to use the foundation Orchid employees and management have been building this past year to remain at the forefront as genetic diversity and pharmacogenetics move into the mainstream of medical research and practice,” Dale Pfost, Orchid’s CEO, said in a statement.

Fourth-quarter operating expenses more than doubled to $19.3 million, compared with $8.9 million, in the year ago period. For the year, operating expenses were $69.7 million, compared with $24.1 million in 1999.

Net losses for the quarter totaled $13.3 million, compared with $13.5 million in fourth-quarter 1999. Excluding certain charges, the loss per share widened to 39 cents, compared with a loss of 17 cents in the year ago period. The loss per share was calculated using a weighted average number of shares.

For the year, Orchid posted losses of $47.9 million, compared with $28.2 million in 1999. Based on a weighted average number of shares, net losses widened to $1.03 a share, excluding certain charges, compared with net losses of 59 cents a share in the year ago period.

Orchid said that throughout 2001 it would focus on increasing its overseas activities.

“As a result of our progress in 2000, this year is off to a flying start, with our announcement two weeks ago of a major new collaborative customer, AstraZeneca, and of our acquisition of UK-based Cellmark Diagnostics,” the company said. “We expect that this collaboration and acquisition will serve as the foundation for rapidly expanding our business in Europe."

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