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Variagenics Reports Scant Revenues, Steady Losses for Q3

NEW YORK, Nov. 6-Revenues dwindled and losses remained nearly steady for Variagenics in the third quarter of 2002, the company said today.

 

For the period ended September 30, 2002, the company reported revenues of $178,000, down from $574,000 in revenues during the equivalent period in 2001.

 

Losses totaled $6.5 million or 27 cents per share, down slightly from the $6.6 million or 28 cents per share the company registered for the third quarter last year.

 

R&D spending remained constant at $4.5 million, the same figure that Variagenics reported on September 30, 2001.

 

As of September 30, the company held $55.7 million in cash, cash equivalents and short-term securities.

 

During the quarter, Variagenics launched a new pharmacogenomic program to develop diagnostics that will predict patient response to colorectal cancer chemotherapy with 5-fluorouracil.

 

The company also struck licensing deals with ARUP Laboratoriesand Quest Diagnostics regarding its methylenetetrahydrofolate reductase patent, which covers an allele associated with thromboembolic disease. In addition, Variagenics licensed a separate RNA targeting patent to Renegade Therapeutics in a deal that included up-front fees, milestone payments and royalties on products developed.

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