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Exiqon Q1 Revenues Increase 2 Percent

NEW YORK (GenomeWeb) – Danish miRNA biomarker firm Exiqon today reported its first quarter revenues were up 2 percent year over year.

The company reported DKK32.5 million ($6.0 million) in revenues for the three months ended March 31, compared to DKK31.8 million in the year-ago quarter. It attributed the gain to continued organic growth in its Life Sciences product sales, which rose 5 percent year over year, driven by new products. Exiqon's Services business was down 19 percent year over year during the quarter.

Exiqon recorded a profit of DKK793,000, or DKK.02 per share, for the first quarter, compared to a loss of DKK4.5 million, or DKK.12 per share, a year ago.

The company's R&D expenses were flat at DKK6.7 million. It trimmed its SG&A costs 1 percent year over year to DKK14.9 million from DKK15.1 million.

The company ended the quarter with DKK25.5 million.

It said that it expects about DKK150 million in revenues for 2014.

Exiqon CEO Lars Kongsbak said in a statement, "First quarter 2014 marks an important milestone of positive earnings, driven by improved gross profit, [which] has taken priority for the past three years. Our qPCR product offering and products for functional analysis including LNA Gapmers continue to pave the way for profitability."