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Orchid Reports Slight Revenue Increase, Narrowing Losses

NEW YORK, Feb. 26 (GenomeWeb News) - Orchid BioSciences recorded slightly increased revenues and narrowing losses for the fourth quarter of 2003, the company said today.

 

Revenues were $13.7 million, up from $13 million during the same period a year ago.

 

R&D costs decreased sharply, to $0.2 million, from $3 million during the fourth quarter of 2002. This is primarily a result of Orchid's divesture of its SNP genotyping instrumentation business, and of strategic changes of its GeneShield business, according to the company.

 

The company's net loss amounted to $7.3 million, or $.09 per share, down from $35.1 million, or $.63 per share, during the year-ago period.

 

As of Dec. 31, Orchid had $9.9 million in cash and cash equivalents.

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