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Tripos Q1 Revenues Fall by Nearly Half as Losses Mount

NEW YORK, May 9 (GenomeWeb News) - Tripos today reported a 43-percent slide in first-quarter revenues amid mounting losses.

 

Tripos' revenues slipped to $8.5 million from $15 million in Q1 2005.

 

The company attributed the slide to the completion of a four-year, $90 million file-enrichment project with Pfizer that Tripos said in November would not be renewed.

 

"This required a reduction in force, which primarily affected Tripos Discovery Research, in Bude, England, and a corresponding reorganization of operating activities in our laboratories," John McAlister, president and CEO of Tripos, said in a statement. "Our first-quarter 2006 financial results reflect the interruptions and inefficiencies in our operations while we implemented the reorganization."

 

The company spent $2.8 million on R&D in the first quarter of 2006, compared to $1.9 million in Q1 2005.

 

Tripos reported a net loss of $3.7 million, or $0.36 per diluted share, compared to a net loss of $19,000, or $0.00 per diluted share, in the year-ago period.

 

As of March 31, Tripos had $5.2 million in cash and cash equivalents on hand.

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