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Complete Genomics Sequenced 300 Genomes in Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Complete Genomics, reporting for the first time as a public company, said Friday after the close of the market that it generated revenues of $4.2 million for the third quarter compared to no revenues for Q3 2009.

The Mountain View, Calif.-based sequencing services firm had previously disclosed its Q3 revenues in a filing with the US Securities and Exchange Commission, but it provided further financial details on Friday.

It said in a statement that it sequenced over 300 genomes during the quarter, which ended Sept. 30. It also noted that it expects to sequence another 300 genomes in the fourth quarter as well. According to the company, for the last 500 complete human genomes it has sequenced, an average of over 98 percent of the genome has been read at 10-fold or greater coverage.

"During the quarter, we validated our technology at scale and added a number of new customers in the academic, clinical research, and pharmaceutical segments," Complete Genomics CEO Cliff Reid said.

Complete Genomics' net loss for the quarter was $20.9 million, or $21.87 per share, compared to a net loss of $9.2 million, or $98.10 per share, for the third quarter of 2009.

The firm's R&D costs declined to $5 million from $5.6 million year over year, and its SG&A spending more than doubled to $3.9 million from $1.7 million. It also recorded start-up production costs of $6 million, compared to $1.3 million for Q3 2009.

Complete Genomics raised around $54.5 million from its initial public offering in November. In August, it also closed a Series E financing round that raised $39 million.

The firm finished the quarter with cash and cash equivalents of $10.5 million.

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