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Variagenics Reports Slumping Revenues, Wider Loss in Q3

NEW YORK, Nov. 2 – Variagenics recorded a drop in revenues and a widened net loss for the third quarter 2001 compared with the same period last year, the company said.

The Cambridge, Mass.-based pharmacogenomics company said revenues for the three months ended Sept. 30 fell to $600,000 from $800,000 one year earlier. Basic and diluted net loss, meanwhile, jumped to $6.6 million, or $0.28 per share, from $6.4 million, or $0.35 for the third quarter of 2000.

Still, the company remained optimistic about its outlook.

“We are beginning to notice a growing understanding and acceptance for [pharmacogenomics] and are pursuing … business partnerships that will not only validate pharmacogenomics within the scientific community, but also take important steps towards commercializing molecular diagnostics,” Taylor Crouch, president and CEO of Variagenics, said in a statement on Thursday.

“Variagenics remains committed towards the cancer treatment area, and it is our feeling that this is where pharmacogenomics will have the greatest impact,” he added.

The company said it has $85.2 million in cash and marketable securities.

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