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Accelr8's Q3 Revenues Jump on Development Fees

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Accelr8 Technology has reported that its third-quarter revenues jumped sharply from $19,873 to $240,272 year over year.

The firm's revenues came mostly from technology development fees, which totaled $214,500 for the quarter ended April 30. Novartis is evaluating Accelr8's BACcel system for identifying the type and quantity of bacterial pathogens in clinical specimens through a technology evaluation agreement that was extended in April to June 30, 2011, and has been paying Accelr8 fees for several months.

Accelr8 posted a net loss of $123,994, or $.01 per share, for the quarter compared to a net loss of $361,144, or $.03 per share, for the third quarter a year ago.

Its R&D expenses increased to $126,918 from $108,415, while its SG&A spending declined to $183,127 from $231,549.

Accelr8 finished the quarter with $372,261 in cash and cash equivalents.

Shares of Accelr8 were down 20 percent at $3.94 in mid-afternoon trade Monday on the American Stock Exchange.

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