NEW YORK (GenomeWeb News) — Tm Bioscience today said third-quarter revenues increased 19 percent as R&D spending rose 98 percent and loss increased 83 percent.
Total receipts for the three months ended Sept. 30 increased to $2.6 million from $2.2 million year over year.
Tm said $2.3 million of its sales came from its Tag-It reagents, and $300,000 came from instrument sales, an increase of 50 percent from a year ago.
R&D spending increased to $1.3 million from $662,000 year over year.
The company said loss increased to $5.6 million from $3.1 million in the year-ago period.
Tm said it had around $4.7 million in cash and equivalents and $35,000 in short-term investments as of Sept. 30.
Earlier this week, Tm said it had formed a committee to consider merger or acquisition opportunities. In its financial statement Tm said it “continues to explore other sources of capital but believes that a strategic transaction provides the most cost effective source at this time,” but added that “no decision has been made to enter into any transaction at this time.