NEW YORK (GenomeWeb News) – Tm Bioscience today reported that net losses for the second quarter increased despite a 55-percent surge in revenues.
The company reported $3 million in revenues for the quarter ended June 30, up from $2 million during the same quarter a year ago.
Product sales for the second quarterclimbed 80 percent to $2.9 million from $1.6 million in second quarter 2005, the company said. It added that sales of Tag-It CF70 reagents and increased demand from Genzyme drove the growth.
Tm Bioscience’s R&D expenses for the quarter remained essentially flat at $1.1 million.
The company’s quarterly net loss widened 26 percent to $4.6 million from $3.7 million in the year-ago period.
As of June 30, Tm Bioscience had $2.8 million in cash, cash equivalents, and short-term investments.