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Accelr8 2012 Revenues Narrow Sharply

NEW YORK (GenomeWeb News) – Accelr8 Technology on Friday reported a sharp drop in revenues for its Fiscal Year 2012.

In a document filed with the US Securities and Exchange Commission, the company said that revenues dropped to $235,910 for its Fiscal Year 2012 ended July 31, 2012, compared to $1.1 million in Fiscal Year 2011.

One customer accounted for $140,000 in revenues in 2012, Accelr8 said, compared to $842,408 from one customer a year ago. Novartis last year ended a technology evaluation deal with Accelr8 for its BACcel rapid bacterial diagnostic system.

OptiChem revenue totaled $45,910 in 2012, up from $34,279 in 2011, while licensing fees were $50,000, compared to none a year ago. The company had no qualified discovery therapeutic grant revenue in 2012, compared to $244,479 in 2011.

Accelr8 posted a net loss of $5.3 million, or $.43 per share, up from a net loss of $378,761, or $.04, in 2011.

The firm narrowed R&D spending 5 percent to $431,906 from $454,997, while its SG&A expenses more than tripled to about $3.0 million in 2012 from $819,699.

Accelr8 finished the year with $14.3 million in cash and cash equivalents.

FY 2012 was a transition year for Accelr8, punctuated by a $35 million investment in the firm announced in April and the appointment of Lawrence Mehren as its CEO. During the summer, the company said it would move to Tucson, Ariz., from its current headquarters in Denver and said it plans to hire at least 65 employees as part of its relocation.

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