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Solexa Reports Wider Q4 Loss and Greater Revenue; Plans to Begin Hiring for Sequencer Launch

NEW YORK, March 29 (GenomeWeb News) - Solexa yesterday reported widened net loss for the fourth quarter of 2005 despite solid revenue growth.


Solexa also said it plans to add staff to sales, marketing, and manufacturing "to support broad commercial release" of its Genome Analysis System to academic and government core labs, commercial sequencing companies, and pharmaceutical and biotech companies.


Solexa has said in the past it will initially target large genome centers and other prospective customers in an early access release. The company reiterated its plan to begin reporting sales of the sequencer during the second quarter, which begins April 1.


Revenue for the three months ended Dec. 31, 2005, meantime, surged to $1.3 million from $23,000 in the prior-year quarter, mostly from service fees generated from its genomic services business. 


Research and development expenses increased to $4.9 million from $2.3 million year over year, Solexa reported.


According to Solexa, the net loss attributable to common shareholders for the quarter widened 73 percent to $3.7 million from $2.2 million in the year-ago quarter.


The company stated that cash and cash equivalents as of Dec. 31, 2005, stood at $38.4 million.

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