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Accler8 FY 2013 First-quarter Revenues Drop Sharply

NEW YORK (GenomeWeb News) – Accelr8 Technology’s fiscal first-quarter revenues plummeted to $8,304 from $202,008 a year ago, the company disclosed in a regulatory document today.

For the three months ended Oct. 31, the biggest year-over-year drop in revenues was in technical development fees due to the conclusion of certain programs last year. The firm had no revenues from such programs in the recently completed quarter compared to $140,000 a year ago, it said in a Form 10-Q filed with the US Securities and Exchange Commission.

Accelr8 also had no licensing fees in fiscal Q1 2013, compared to $50,000 a year ago. Meanwhile, OptiChem revenue fell to $2,529 from $12,008, though grant revenues were up to $5,775 from zero a year ago.

The firm upped R&D spending to $564,224 from $104,162 as the company ramped up investments in instrument and bioassay headcount, and purchased laboratory supplies and instrumentation to accelerate its R&D work.

SG&A costs shot up to $760,215 from $463,153.

Accler8’s net loss in the quarter increased to $1.7 million, or $.07 per share, from a net loss of $430,274, or $.04 per share in fiscal Q1 2012.

It finished the quarter with $13.2 million in cash and cash equivalents.

In April Accelr8 announced a $35 million investment into the company and the appointment of Lawrence Mehren as its CEO. It also is moving its headquarters to Tucson, Ariz. From Denver.

In afternoon trading on the New York Stock Exchange, shares of Accelr8 were up more than 3 percent to $3.30. The company is moving to the Nasdaq Capital Market and expects to begin trading on the Nasdaq on Dec. 26.

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