NEW YORK, Feb. 13 - Deltagen on Tuesday posted strong growth in revenue in the fourth quarter although a surge in R&D spending doubled its net loss year over year.
For the period ended Dec. 31, Deltagen said that strong sales of its DeltaBase gene function database helped generate $2.5 million in total revenue compared with $1.3 million one year ago.
R&D spending in the quarter, which clocked in at $13.3 million compared with $6.8 million in the year-ago period, helped swell overall expenses to nearly $18 million compared with almost $11 million last year.
As a result, Deltagen posted a net loss of $15 million, or $.48 per share, in the current quarter compared with $7.5 million, or $.26 per share, last year.
The Redwood City, Calif.-based company said it had $76.5 million in the bank as of Dec. 31.
On Monday, Deltagen said it intends to acquire Bristol-Myers Squibb's Pharma Research Labs division for approximately $23.5 million in stock. The deal, which would give Deltagen the keys to a fully functioning small molecule-drug discovery firm, "will significantly advance Deltagen's efforts in using its validated targets for identifying lead candidate compounds for drug development," the company had said.