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Tm Posts Higher Q1 Losses Despite a 170-Percent Jump in Revenues

NEW YORK, May 15 (GenomeWeb News) - Tm Bioscience reported today higher losses in the first quarter despite a 170-percent jump in revenues.

 

Revenues in the quarter climbed to $2.9 million from $1.1 million a year earlier, reflecting a 140-percent surge in product sales. The company attributed the sales growth to the mid-2005 launch of its CFplus cystic fibrosis test by Genzyme and adoption of its expanded menu selections, primarily the Tag-It Ashkenazi Jewish Panel and the Tag-It CF70 reagents.

 

R&D spending remained flat year over year at $1 million.

 

Tm's first-quarter net loss rose to $4.1 million, or $.09 per share, from a year-ago loss of $3.4 million, or $.09 per share.

 

As of March 31, the company had cash, cash equivalents, and short-term investments totaling $7.5 million.

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