NEW YORK (GenomeWeb News) – Synthetic biology firm Intrexon reported after the close of the market Thursday that its second quarter revenues jumped more than 150 percent year over year as the firm trimmed its loss.
The Germantown, Md.-based firm, which went public in early August, brought in total revenues of $6.8 million for the three months ended June 30, up sharply from $2.7 million for the second quarter of 2012.
Its net loss was cut to $6.5 million, or $2.46 per share, from $16.5 million, or $3.99 per share.
Intrexon's R&D expenses for the quarter dropped 23 percent to $13.6 million from $17.6 million, while its general and administrative costs climbed 14 percent to $7.4 million from $6.3 million.
The firm finished the quarter with $34.5 million in cash and cash equivalents and $95.5 million in short-term investments.
During the third quarter, Intrexon completed an initial public offering that brought in net proceeds of $168.3 million.
Intrexon develops gene programs that control cellular functions and cellular systems, or activities within a cell, enabling the development of new and improved products and manufacturing processes for a variety of end markets, including healthcare, food, energy, and environmental sciences.
In Friday morning trade on the New York Stock Exchange, shares of Intrexon were down around 6 percent at $22.36.