NEW YORK, April 28 (GenomeWeb News) - Orchid BioSciences yesterday reported a 9-percent increase in revenues and smaller losses for the first quarter. The company also said it will close its Germantown, Md., DNA testing lab and consolidate all of its USforensic testing services to its Dallas, Texas, and Nashville, Tenn.sites.
Revenues for the quarter increased to $14.5 million from $13.3 million during the same quarter in 2004.
Research and development costs came down slightly, to $397,000 from $417,000 during the year-ago period.
Orchid's net loss fell to $1.7 million, or $.07 per share, from $6.9 million, or $.41 per share, during the first quarter in 2004.
As of March 31, Orchid had $24.1 million in cash and cash equivalents, and $6 million in short-term investments.
Orchid said it will close its Germantownfacility by Sept. 30 in order to lower its costs by $2 million to $2.5 million per year and to make its DNA testing services more efficient and scalable. The company said it plans to keep key staff members from the Germantownsite.