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Pacific Biometrics' Q1 Revenues Rise 27 Percent

NEW YORK (GenomeWeb News) – Pacific Biometrics today reported that its first-quarter 2010 revenues increased 27 percent, though it also noted that it did not meet its internal revenues goal.

The Seattle-based clinical lab and biomarker assay services firm brought in total revenues of $2.3 million for the three-month period ended Sept. 30, compared to revenues of $1.8 million for the first quarter of 2009.

Ron Helm, chairman and CEO of Pacific Biometrics noted that the firm did not reach its internal revenue goal, "in part because of the early termination of several clinical studies for reasons unrelated to our performance.

"We also cannot ignore the ongoing economic difficulties that continue to impact the clinical trials industry, combined with the impact of tight credit markets on spending and investment in all sectors of our markets," he added.

Pacific Biometrics' net loss for the quarter was $273,150, or $.01 per share, up from a net loss of $5,737, or $.00 per share, for the first quarter of 2009. The firm said that the increase in net loss was due to its reporting in Q1 2009 of a significant non-cash gain related to convertible debt that was outstanding.

The company finished the quarter with $3.2 million in cash and cash equivalents.

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