TherImmune Helps Gene Logic Buoy Q4 Revenue

NEW YORK, Feb. 20 (GenomeWeb News) - Gene Logic reported an increase in total fourth-quarter revehue, but if the company hadn't acquired TherImmune Research, its revenues would have fallen around $1 million.

Revenues for the three months ended Dec. 31 increased to $19.7 million from $14.8 million one year ago largely on the shoulders of the $5.8 million generated by TherImmune Research, which Gene Logic acquired last April. Without the acquiaition, Gene Logi's revenue for the fourth quarter 2003 would have been $13.9 million compared with $14.8 million for the same period one year ago.

R&D costs decreased to $500,000 from $800,000 during the same quarter a year ago, while net loss decreased to $4.9 million, or $.16 per share, from $5.2 million, or $.19 per share, during the fourth quarter a year ago.

As of Dec. 31, Gene Logic had approximately $111.8 million in cash, cash equivalents and marketable securities available-for-sale. This includes $48.7 million in cash and cash equivalents.

Click here for the full earnings report.

Separately, Gene Logic said that Boehringer Ingelheim has renewed its license to Gene Logic's GeneExpress information services for several years.