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Accelerate Diagnostics' Revenues Plunge

NEW YORK (GenomeWeb News) – Accelerate Diagnostics, formerly called Accelr8 Technology, today said that for the five months ended Dec. 31, 2012, its revenues dropped sharply on the loss of technical development fees.

The firm's Fiscal Year 2013 began on Aug. 1, 2012. In November the firm said that it would change its fiscal year to end on Dec. 31.

Total revenues for the recently completed five months totaled $17,712, down 91 percent from $202,008 in the comparable period a year ago, the company said in its Form 10-KT filed with the US Securities and Exchange Commission on Wednesday. The company, which relocated to Tucson, Ariz., from Denver in February, recorded no technical development fees compared to $140,000 in such fees a year ago, as certain programs concluded.

OptiChem revenue comprised all of Accelerate's revenues and was down 71 percent from $62,008 a year ago.

Its net loss for the five-month period ballooned to $3.4 million, or $.13 per share, compared to a net loss of $586,954, or $.05 per share, a year ago. Accelerate used about 25.3 million shares to calculate the net loss per share for the recently completed period compared to 11.1 million shares a year ago.

The firm's R&D spending grew more than 10-fold year over year to $1.8 million from $163,340 a year ago, and SG&A spending more than doubled to $1.3 million from $561,699.

Accelerate ended 2012 with $12.1 million in cash and cash equivalents.

The company underwent major changes during 2012, including a change in its leadership and the relocation of its headquarters. In addition, in April the firm received a $35 million investment.

Accelerate said that in 2013 it will continue technical validation of its BACcel rapid bacterial diagnostic system methods and field studies, including pilot clinical studies at Denver Health and Barnes-Jewish Hospital and others.

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