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Still No Revenues for Gemini

NEW YORK, Nov 13 – Gemini Genomics reported zero revenue for the second quarter ending Sept. 30 and does not expect to report any sales until the first half of fiscal year 2001.

“There are things in the pipeline that we are anticipating will generate revenue in the first half of 2001,” company spokesperson Tammy Bishop said.

She would not, however, give details about the product or deal that would generate the revenue.

The population genomics company more than doubled its R&D expenditure for the quarter to $2.95 million compared with $1.33 million for the same period in 1999.

The money was spent largely on efforts to identify gene-based drug targets from its collection of clinical and genetic data gathered from a wide range of groups, the company said.

Total expenses for the quarter were $4.7 million compared with $2.2 million in the same period a year ago.

Despite lacking products or revenues, the company completed a $96.6 million initial public offering this quarter. Gemini ended the quarter with $90 million in cash and equivalents.

During the quarter, the company filed a patent, in conjunction with collaborators at the Karolinska Institute and Huddinge Hospital in Stockholm, Sweden, on the relationship between a particular SNP and drug metabolism.

And in collaboration with Large Scale Biology, Gemini isolated more than 70 proteins it believes are associated with the development of major chronic diseases, including osteoporosis, osteoarthritis, obesity, diabetes, and cardiovascular disease.

In a collaboration announced last week, Rosetta Inpharmatics said it would develop software applications that incorporate both expression profiling and SNP analysis using Gemini’s body of genetic data. The companies will jointly own any intellectual property resulting from the collaboration and plan to offer licenses to companies interested in developing gene-based drugs and diagnostic tools.

Gemini reported a net loss of $2.6 million, or four cents per basic and diluted share, compared with $2.26 million, or 11 cents per share, in the year ago period.

Wall Street expected the company to post a loss of 15 cents per share, according to First Call/Thomson Financial.    
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