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Orchid s Revenues and Loss Up in Q1; Company to Genotype Irish Sheep

NEW YORK, May 6 (GenomeWeb News) - Orchid BioSciences reported increased revenues and widening losses for the first quarter of 2004 today.

 

Revenues for the quarter totaled $13.5 million, up from $12.7 million during the first quarter of 2003.

 

R&D costs declined to $0.5 million, from $1.1 million for the year-ago period.

 

The company's net loss, which includes losses from Orchid's diagnostics unit, which it sold to Tepnel Life Sciences in January, was $8.1 million, or $.41 per share, up from $5 million, or $.45 per share, during the same quarter last year.

 

As of March 31, Orchid had $31.7 million in cash and cash equivalents and $1 million in restricted cash. This includes $28.1 million the company raised in an equity financing in February and by selling its diagnostics unit.

 

Separately, Orchid said today that its Cellmark unit will provide genotyping services for the National Genotyping Programme of the government of Ireland to help breed sheep with reduced susceptibility to scrapie.

 

Cellmark, which is part of Orchid BioSciences Europe, will make its genotyping services available to the 45,000 flock owners of Ireland.

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