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Paradigm Genetics Posts Greater Revenue, Narrowed Loss in Q2

NEW YORK, Aug. 7 (GenomeWeb News) - Paradigm Genetics today reported a modest jump in second-quarter revenue atop declines in R&D spending a narrowed net loss.


Total revenue for the period ended June 30 increased to $5.6 million from $4.4 million year over year.


R&D spending dipped to $6.5 million from $7 million in the second-quarter 2002.


Consequently, net loss for the second quarter 2003 narrowed to $3.6 million, or $.11 per square, from $5 million, or $.16 per share, in the same period last year.


Paradigm said it had around 9.3 million in cash, cash equivalents and short-term investments as of June 30.


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Last month, Paradigm pocketed $7.5 million as part of a  debt-financing deal with Silicon Valley Bank of Santa Clara, Calif. Paradigm said the financing includes a $5 million, four-year secured-term loan and a $2.5 million revolving line of credit. The firm added that the loan is at a "significantly lower [interest] rate" than its existing loan.


Paradigm, based in Research Triangle Park, NC, will use around $3 million of the term loan to pay off its current equipment financing loan with Transamerica Technology Finance, which was to mature in June 2004. The company said it will use the balance of the cash for "general corporate purposes."