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Variagenics Reports Higher Losses, Tiny Revenues for Q2

NEW YORK, Aug. 6-Variagenics' losses nearly doubled and its revenues dwindled to only $200,000 in the second quarter of 2002, the company said today.

 

The slide was substantial from the second quarter of 2001, when the company reported $900,000 in revenues.

 

Net losses for the quarter, including a nearly $2 million restructuring charge and $1.3 million in equity compensation, totaled $9.8 million or 42 cents per share. In the equivalent period of 2001, Variagenics reported a loss of $5.6 million or 24 cents per share.

 

R&D  expenses for the period climbed from $4 million in the second quarter of last year to $5.2 million in the equivalent period this year.

 

The company said it held $64 million in cash, cash equivalents and short-term marketable securities as of June 30.

 

Variagenics expects that its restructuring, which was put in place in May 2002, will lower its net cash burn rate to about $4 million per quarter by the fourth quarter of this year.

 

For more information, see the press release.

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