NEW YORK, Jan 30 – Rosetta Inpharmatics said Tuesday its fourth quarter net revenues increased to $5.6 million, compared with $386,000 a year ago, due to the launch of the Rosetta Resolver Gene Expression Data Analysis System, a collaboration agreement with Monsanto, and revenues from its partnership with Agilent.
For the full year, revenues increased more than 10-fold to $10.5 million, from $983,000 in 1999.
Fourth-quarter operating expenses more than doubled in the quarter to $14.8 million, from $7.0 million, as the cost increased across the board. Research and development costs increased to $7.6 million, from $3.1 million, while marketing, general, and administrative expenses roses to $4.8 million from $2.3 million in the year ago period.
Operating expenses for 2000 increased to $48.5 million, compared with $21.6 million the previous year.
Nevertheless, net losses inched up only slightly in the fourth quarter to $6.8 million, compared with $6.5 million, in fourth-quarter 1999. On a per share basis, net losses for the quarter dropped to 22 cents, compared with $1.39 in the year ago period. The number of the companies outstanding shares increased to more than 31 million from 4.7 million following the company’s IPO last summer.
Net losses for 2000 totaled $32.7 million, or $2.50 a share, compared with $20.3 million, or $5.0 a share, in 1999.
At the end of 2000, Rosetta had $183.4 million in total assets, up from $34.8 million at the end of 1999.
During the quarter, Rosetta announced the release of version 1.6 of the Rosetta Resolver system, announced a partnership with Gemini Genomics to identify and characterize genes associated with particular diseases, and signed a deal with Monsanto to employ its technologies for agricultural purposes. The company also penned deal with Abbott Labs, Paradigm Genetics, and Glaxo Smithkline.