NEW YORK, May 8 - Orchid Bioscience today said that a jump in first-quarter revenue and shrunken R&D spending helped trim net losses.
Total revenue for the period ended March 31 increased to $12.7 million from $11.7 million year over year, Orchid said.
First-quarter R&D spending fell to $1.1 million from $5.4 million in the year-ago period. As a result, net loss narrowed by more than half to $5.2 million, or $.09 per share, from $10.5 million, or $.21 per share, in the first quarter last year.
Orchid said it had approximately $12.4 million in cash and cash equivalents as of March 31.
George Poste, Orchid's chairman, said he "look[s] forward to reporting our progress on recruiting a chief executive officer as well as the divestiture of our Diagnostics business in the near future." Orchid's former CEO, Dale Pfost, resigned in December 2002.