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Rosetta Inpharmatics Posts Greater-than-expected Q3 Losses

NEW YORK, Oct 26 - Rosetta Inpharmatics reported greater-than-expected third quarter 2000 losses Thursday, falling 12 cents per share short of Wall Street’s predictions.

For the third quarter of 2000, the company reported a net loss of $8.4 million, or 40 cents per diluted share, compared to a net loss of $5.0 million, or $1.11 per share for the year-ago period.

Wall Street had expected the company to post losses of 28 cents per share, according to a poll of 3 brokers conducted by First Call/Thomson Financial.   

Rosetta’s revenues, however, increased sharply to $3.0 million, from revenues of $119,000 for the third quarter of 1999.  The company’s operating expenses also more than doubled, to $13.1 million, compared to $5.1 million for the third quarter of last year.

These quarterly losses follow Rosetta’s August 7 Initial Public Offering on the Nasdaq.

The company attributed its revenue surge to Rosetta’s agreements with Agilent Technologies.

Agilent and Rosetta signed a joint three-year $75 million deal in December 1999 licensing Agilent to distribute Rosetta’s Rosetta Resolver Expression Data Analysis System. Rosetta has sold several units of its Resolver system though these channels this quarter.

" The successful completion of our IPO coupled with orders for the Rosetta Resolver System from a leading pharmaceutical company, a top tier biotech company, as well as a prestigious academic center were key accomplishments during the third quarter," said Stephen Friend, Rosetta’s President and CEO. " We are executing our business model and believe we are well positioned to meet the needs of life science customers generating vast amounts of DNA chip and gene expression data."
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