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Transgenomic's Q1 Revenues Increase 8 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Transgenomic this week reported first-quarter revenue growth of 8 percent, with instrument sales up 12 percent year over year.

The Omaha, Neb.-based firm took in total revenues of $5.4 million for the three-month period ended March 31, compared to $5 million for the first quarter of 2009.

Transgenomic cut its net loss by nearly two-thirds to $324,000, or $.01 per share, from $953,000, or $.02 per share, for the first quarter of 2009.

The firm's R&D expenses inched down to $827,000 from $844,000, while its SG&A spending dropped 20 percent to $2.4 million from $3 million.

"During the first quarter of 2010 we continued to refine our platform technologies for use in drug discovery and diagnostic screening, and I am pleased that in recent weeks we achieved a number of milestones," Transgenomic President and CEO Craig Tuttle said in a statement. "In Europe we launched our new K-RAS test kit, which uses our Surveyor Nuclease technology, after incorporating changes that reduced the test protocol by almost two hours, thus making the kit more efficient to run and more attractive to our customers. We also completed our first customer sale for this kit in the second quarter."

He noted that the firm is developing additional assays to add to a panel of kits for resistance to cancer treatment with epidermal growth factor receptor inhibitors.

Transgenomic finished the quarter with $5.9 million in cash and cash equivalents.

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