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Variagenics Q1 Revenues Rise on Pharmacogenomics Deals

NEW YORK, May 1 – Variagenics reported Monday an 11-fold increase in first-quarter revenues to $1.1 million from $100,000 in the year-ago quarter. 

Revenues stemmed from the company’s new collaboration on pharmacogenomics with Amgen, as well as its continuing collaborations with Boeringher Ingelheim and Isis Pharmaceuticals.

In these collaborations, the company provides its gene expression profiling, pathway analysis, molecular modeling, haplotype analysis, and loss of heterozygosity technologies to the companies to help them correlate gene function to drug action.

During the quarter, Variagenics of Cambridge, Mass., also placed NuCleave, its DNA analysis platform, at the Amsterdam Genomics Center.

"Since January, we have made significant progress in commercializing our pharmacogenomic technologies, securing critical intellectual property, driving forward our own research programs, and building our organization,” Taylor Crouch, CEO of Variagenics, said in a statement. 

The company’s expenses rose to $5.1 million from $4.8 million for the first quarter of 2000. Research and development expenses increased to $2.9 million, from $1.8 million for the year ago quarter and general and administrative expenses were up to $2 million from $936,000 in the year-ago quarter.

First-quarter net losses excluding non-cash equity compensation was $2.6 million, or 11 cents per share, compared with $2.5 million, or $3.45 a share, in the year ago period. Wall Street had expected the company to post net losses of 10 cents per share, according to a survey of three brokers conducted by FirstCall/Thomson Financial.

Including non-cash equity compensation, the company’s quarterly losses totaled $3.7 million, or 16 cents per share, compared to $25.5 million, or $34.85 per share for the year-ago quarter, reflecting over $20.7 million in dividends on redeemable convertible preferred stock.

As of March, the company had $92.4 million in cash, cash equivalents and marketable securities.

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