Transgenomic Said Q4 Revenue Fell 4-Percent as Losses, R&D Spending Shrank

NEW YORK, April 1 (GenomeWeb News) - Transgenomic yesterday reported that fourth-quarter revenue fell 4 percent as R&D spending declined and net losses narrowed.

Total receipts for the three months ended Dec. 31, 2004, decreased to $8 million from $8.3 million year over year.

R&D spending, meantime, fell to $1.3 million from $2.2 million year over year.

This decrease helped net losses to decline to $6.9 million, or $.24 per share, from $8.6 million, or $.32 per share, during the same quarter last year.

Transgenomic said it had around $1 million in cash, equivalents, and short-term investments as of Dec. 31, 2004.

As GenomeWeb News reported, Transgenomic will likely receive a delisting warning from the Nasdaq exchange because its shares have closed below $1 for 30 consecutive trading days.

In February, the company wrapped up a reorganization announced in November.