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Orchid Revenues Cross $4M Mark, Operating Losses Triple

NEW YORK, Nov 9 - Orchid BioSciences reported Thursday third-quarter revenue of $4.9 million, compared with $439,000 in the year ago period as product sales, clinical laboratory testing services, and collaborations and license fees increased sharply.

Orchid of Princeton, NJ, posted third-quarter revenues from the sale of its products, including SNPstream and consumables totaled $826,000, compared with $0 in the same period last year. Laboratory fees were $2.95 million, compared with $0 in the year ago quarter.

Revenues from collaborations and licenses, which were the only source of revenue in third- quarter 1999, rose to $1.15 million, compared with $439,000 in the year ago period.

“Since July, we placed tow high throughput SNPstream 25K system solutions, recorded increases in sales of our SNPware consumables, and announced two SNP scoring service agreements,” Dale Pfost, Orchid chairman, president, and CEO, said in a statement. “We believe we are laying the foundation for continued strong progress in the months and years ahead.”

The company sold its SNPstream 25K systems to DNA Print Genomics and Bristol-Myers Squibb and signed a fee-for-service deal with Eli Lilly as well as a SNP-scoring agreement with Millennium Pharmaceuticals.

Operating expenses in the third quarter tripled to $15.1 million, compared with $5.0 million in the year ago quarter, as costs increased across the board.

Selling, general, and administrative expenses increased to $8.1 million, compared with $1.6 million a year ago and research and development costs rose to $4.2 million from $3.4 million.

The cost of product revenue and of clinical laboratory testing totaled $644,000 and $2.2 million, respectively. The company did not have any expenses related to these items in third quarter 1999.

Net losses for the quarter widened to $8.99 million, or 27 cents a share, compared with $4.98 million, or $7.07 cents a share, in the year ago period. The losses were in line with analyst expectations, according to a survey conducted by First Call/Thomson Financial.

At the end of the third quarter, Orchid had cash, cash equivalents, and short-term investments totaling $74.7 million.

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