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Transgenomic Narrows Q2 Loss 62 Percent Though Revenue Slides 10 Percent

NEW YORK (GenomeWeb News) – Transgenomic today said that total revenue declined 10 percent in the second quarter and net loss narrowed 62 percent.
Receipts for the second quarter ended June 30 slid to $6.2 million from $6.9 million in the same quarter last year.
The company spent about $531,000 on R&D in the second quarter, down 9 percent from $581,000 in the comparable period last year.
Transgenomic said net loss shrank to $383,000 from $998,000 in Q2 2005.
As of June 30, Transgenomic had approximately $7.4 million in cash and cash equivalents.

Looking ahead, Craig Tuttle, Transgenomic’s president and CEO, said in a statement that his “immediate priorities” are to “maximize opportunities from existing products, focus and streamline the product development pipeline, and to accelerate the drive to profitability.”

“We are currently looking to commercialize several new products and services that leverage on enhancing the capabilities of our highly sensitive and effective mutation screening technologies,” he said. 

The first of these is Transgenomic’s Surveyor CE technology, which is designed to reduce the cost and time required for discovering mutations using routine sequencing platforms. 

The second is a “stronger commercial push” of the company’s lab services business both for research and clinical discovery of disease-causing mutations, he said. 

The third is based on Transgenomic’s capabilities for isolating DNA from mixed specimens for forensic and microbial analyses. He said the company saw “growing success” in its cytogenetics product portfolio.

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