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Sales of Genotyping Kits Push Visible Genetics Q2 Revenues Higher

NEW YORK, Aug 9 – Pharmacogenomics company Visible Genetics of Toronto said its second quarter revenues increased to $3.9 million, compared with $3.4 million in the year ago period, as sales of genotyping kits rose 52 percent. 

The company said its total expenses for the quarter rose to $11.3 million from $10.5 million, mostly as the result of increased expenditures stemming from the startup of its kit manufacturing facility in Atlanta as well as consolidation costs and higher sales and marketing expenses.

The company is now gearing up to begin selling its Trugene HIV-1 Genotyping Test and Open Gene sequencing system in the US. Visible Genetics expects to hear from the US Food and Drug Administration in September regarding its submission for approval of the systems.

"We were encouraged by the continued significant growth in kit and consumable sales during the first half of 2001 and look forward to launching the Trugene products in the US market," Richard Daly, CEO of Visible Genetics, said in a statement.

The company said it posted net losses of $10.2 million, or 62 cents a share, compared with $8.6 million, or 59 cents a share, in the year ago period. 

Visible Genetics said its cash and cash equivalents dwindled to $3.5 million at the end of the quarter from $18.5 million at the end of 2000, while its short-term investments fell to $47.5 million, compared with $61.9 million at the end of last year.       

Visible Genetics manufactures and sells automated DNA sequencing systems and kits for gene analysis. 

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