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Solexa Posts 27-Percent Growth in Q1 Revenues as Net Losses Nearly Double

NEW YORK, May 16 (GenomeWeb News) - Solexa yesterday reported a 27-percent increase in first-quarter revenues from its MPSS genomics services business, amid widening net losses.

 

For the quarter ended March 31, Solexa's revenues rose to $768,000 from $605,000 in the first quarter of 2005.

 

Solexa said that its revenue was derived primarily from the MPSS genomics services business that the company picked up when it acquired Lynx last March, "and does not yet reflect any contribution from the Solexa Genome Analysis System, Solexa's reversible-terminator chemistry and Clonal Single Molecule Array DNA sequencing platform."

 

Solexa said in April that it plans to phase out the MPSS business by the end of the year.

 

John West, CEO of Solexa, said in a statement that the company is "actively working to execute the commercial launch of the Solexa Genome Analysis system," and that Solexa plans to hire new sales, marketing, and manufacturing staff in the coming months, including "senior executive" positions in field support and manufacturing.

 

"We continue on track toward our major milestone of sequencing a human genome by year end," West said.

 

R&D spending more than doubled to $6.3 million from $3.0 million in the year-ago period.

 

Solexa's quarterly net loss widened to $9.3 million from $5.3 million in the comparable period of 2005.

 

The company held $68.8 million in cash and cash equivalents as of March 31.

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