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Revenues Jump, Losses Shrink for Gene Logic in Q2

NEW YORK, July 29-Gene Logic today reported a steep hike in revenue and halved net losses for the first quarter of 2002.


For the reporting period ending June 30, 2002, company losses were $4.4 million, or $0.16 per share, down from $9.4 million or $0.35 per share in the equivalent period in 2001.


At the end of the quarter, company revenues were $14.1 million, an increase of 46 percent over the $9.6 million reported in the second quarter of the previous year.


Revenues were boosted by subscriptions to the company's GeneExpress database, including a new agreement with Shering-Plough.


However, Gene Logic also warned that it expected revenue growth to slow during the rest of the year, due to a slowdown in new customers.


The company said that it held cash and cash equivalents worth $180 million as of June 30, 2002.

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