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Exiqon Posts 29 Percent Jump in Q1 Revenues

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Exiqon today reported that its first-quarter revenues increased 29 percent year over year, while it cut its net loss by more than half.

The Vedbaek, Denmark-based molecular diagnostics and microarray-based research products firm brought in total revenues of DKK 20.7 million ($3.4 million) for the first quarter ended March 31, compared to DKK 16 million for Q1 2009. The firm said that organic growth for its life science research products, including its pharma services, was 45 percent.

Exiqon also cut its net loss sharply to DKK 11.1 million, or DKK .37 per share, from DKK 25.4 million, or DKK .84 per share.

During the quarter, the firm launched its miRCURY LNA miRNA inhibitors, a new product line for studying miRNA function. It also introduced its fifth generation microarray, which it said provides 100 percent coverage of all miRNAs listed in the miRBase 14.0 database.

Exiqon also said that it expects to conclude discussions on the sale of its California CLIA lab, Oncotech, before the end of the current quarter. The firm announced in December that it would divest the lab to "gain operational and infrastructural efficiencies and to free up human financial resources."

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