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Transgenomic Revenues Drop 14 Percent, Loss Narrows in Q1

NEW YORK, May 17 (GenomeWeb News) - Transgenomic today reported a 14-percent dip in revenues but a narrowed loss for the first quarter of 2005.

 

The company's revenues in the quarter receded to $7.4 million from $8.6 million during the year-ago period. While revenues from its BioSystems segment climbed 8 percent, to $6.9 million, revenues from the Nucleic Acids segment dropped 80 percent, to $400,000. This decrease is consistent with the company's exist from oligonucleotide manufacturing last year, according to a company statement.

 

Research and development costs dropped to $606,000 from $1.9 million during last year's first quarter.

 

The company's net loss narrowed to $2.9 million, or $.1 per share, down from $3.9 million, or $.13 per share, during the same quarter in 2004.

 

As of March 31, Transgenomic had $1.5 million in cash, cash equivalents, and short-term investments.

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