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Exiqon Q3 Revenues Climb 10 Percent

NEW YORK (GenomeWeb) – Exiqon today reported a 10 percent increase year over year in its third quarter revenues.

For the three months ended Sept. 30, Exiqon's total revenues increased to DKK 38.4 million ($5.7 million) from DKK 34.8 million in the prior-year period.

In a statement, the Danish firm said that product sales increased 29 percent to DKK 24.7 million from DKK 19.1 million in 2014.

The firm's net income for the quarter was down to DKK 727,000, or DKK .02 per share, compared to a profit of DKK 1.7 million, or DKK .04 per share, in Q3 2014.

Its R&D spending rose 25 percent year over year to DKK 7.5 million from DKK 6.0 million, while SG&A costs increased 5 percent to DKK 14.7 million from DKK 14 million.

Exiqon ended the year with DKK 25.4 million in cash and cash equivalents, including DKK 10 million in credit subject to repayment by Jan. 10, 2016 and DKK 15 million from a corporate bond that is subject to repayment by March 1, 2016.

Exiqon maintained its full-year guidance of revenues between DKK 155 million and DKK 160 million and EBITDA around DKK 10 million, based on an exchange rate of $1 to DKK 6.50.