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Shares in Decode Slide 9.8 Percent on News of Poor Q4 Earnings, Revenue Growth

NEW YORK, March 4 (GenomeWeb News) - Shares in Decode Genetics were down 9.76 percent, or $.61, at $5.64 in mid-afternoon trading after the company posted a slight decrease in fourth-quarter revenues atop nearly doubled net losses.

 

As GenomeWeb News reported this morning, total revenues for the three-month period ended Dec. 31, 2004, fell to $11.2 million from $11.7 million during the same period a year ago.

 

R&D expenses increased to $8.7 million from $5.8 million during the fourth quarter of 2003. This increase was mainly due to costs associated with clinical trials for two compounds, according to Decode.

 

Decode's net loss for the quarter swelled to $19.4 million, or $.36 per share, from $10.6 million, or $.20 per share, during the same period in 2003. This steep increase resulted from costs of clinical trials, debt service, and the impact of foreign exchange fluctuations, according to the company.

 

As of Dec. 31, 2004, Decode had $198.3 million in cash and investments, including restricted cash, cash equivalents, marketable securities, and other investments.

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