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Exiqon's Q1 Revenues Decline 13 Percent

NEW YORK (GenomeWeb News) – Exiqon today reported that its first-quarter revenues fell 13 percent year over year on weak sales in North America.

The Denmark-based genomics tools and molecular diagnostics developer reported total revenues of DKK 24 million ($4.2 million) for the three months ended March 31, compared to DKK 27.6 million for the first quarter of 2011. It said that organic sales growth for research products was 25 percent in Europe, offset by a 33 percent decline in North America, where it said that it is implementing a new sales strategy.

The Exiqon Diagnostics business had revenue of DKK 1.5 million in the quarter, down from DKK 2.2 million, derived from grants, license income, and contract work for pharmaceutical customers. Its contract research sales fell to DKK 1.7 million from DKK 2.7 million year over year.

Exiqon's net loss for the quarter was DKK 8.2 million, or DKK .23 per share, compared to a net loss of DKK 4.9 million, or DKK .15 per share, for Q1 2011.

The firm's R&D spending in the quarter increased around 14 percent to DKK 5.6 million from DKK 4.9 million, and its SG&A costs rose 8 percent to DKK 14.1 million from DKK 13.1 million due to new hirings.

Exiqon finished the quarter with DKK 3 million in cash and cash equivalents.

Due to the challenges in the North American market, the firm lowered its full-year 2012 revenue forecast to between DKK 110 million and DKK 115 million. It had previously expected DKK 130 million.

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