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Pyrosequencing Posts Fallen Revenue, Narrowed Loss in Q4

NEW YORK, Feb. 20 - Pyrosequencing today reported a slight decrease in total revenue, curtailed R&D spending, and a narrowed net loss.

 

Total receipts for the period ended Dec. 31 were $3.9 million compared with $4.3 million for the same time last year, Pyrosequencing said. The company attributed the decline to poor exchange rates between the Swedish krona and the US dollar and euro.

 

R&D spending in the quarter, meantime, was cut to $30.3 million from $42.8 million year over year. As a result, net loss narrowed to $5.5 million, or $.16 per share, from $6.2 million, or $.18 per share, in the fourth quarter 2001.

 

Pyrosequencing said it had roughly $54 million in cash, cash equivalents, and investments in high-grade debt securities as of Dec. 31.

 

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