Paradigm Genetics Reports Fallen Q1 Revenue as Net Loss Narrows

NEW YORK, May 1 - Paradigm Genetics today reported a decline in first-quarter revenue atop receded R&D spending and narrowed net losses.

The ag-genomics company said total revenue for the period ended March 31 fell to $4.1 million from $5.6 million during the same time last year. Income from commercial partnerships in the first quarter 2003 shrank to $3.8 million from $5.6 million year over year, though Paradigm was able to book $228,000 in grant revenue in the quarter.

R&D spending also decreased, to $5.8 million in the current first quarter from $7.6 million for the same time one year ago, according to Paradigm. Included in these numbers was $71,000 and $105,000 in stock-based compensation in the 2003 and 2002 periods, respectively.

Net loss fell to $4.1 million, or $.13 per share, from $5.2 million, or $.16 per share, year over year, Paradigm said.

The company had roughly $11 million in cash, cash equivalents, and short-term investments as of March 31.