NEW YORK (GenomeWeb News) – Sequenom today said second-quarter net loss narrowed on a 15-percent increase in revenues and reduced R&D spending.
The results caused shares in the company to trade up 6.9 percent, or $.11, at $1.70 mid-afternoon today.
Receipts for the three months ended June 30 increased to $7 million from $6 million year over year.
R&D costs declined almost 20 percent to $2.4 million from $3 million from the comparable quarter a year ago.
Sequenom said net loss shrank 35 percent to $4 million for the second quarter compared to $6 million last year.
Sequenom had $32.6 million in cash and cash equivalents as of June 30. The cash on hand includes the net proceeds of approximately $30 million from a private placement of common stock in June.