Gene Logic Posts Mild Q3 Revenue Increase; Services Unit Weak
Gene Logic reported a modest increase in third-quarter revenue atop smaller R&D expenditures and a widened net loss.
Total revenue for the period ended Sept. 30 grew to $17.7 million from $14.2 million in the year-ago quarter. However, had it not been for $5.5 million in receipts from contract study services, Gene Logic would have posted a $2 million year-over-year decline in revenue from its information-services business.
R&D spending in the quarter also fell to $540,000 from $641,000 during the third quarter of 2002. However, net losses in the quarter swelled to $10.1 million, or $.33 per share, from $7 million, or $.26 per share, year over year. Gene Logic said it had around $71 million in cash and equivalents as of Sept. 30.
Sequenom Posts Q3 Revenue Rise; Loss, R&D Spending Fall
Sequenom reported an increase in third-quarter revenue, narrowed losses, and a drop in R&D spending.
Total revenues for the period ended Sept. 30 increased to $7.2 million from $6.9 million for the third quarter 2002. Receipts from the Genetic Systems business were flat at $6.5 million. Revenue in Sequenom's nascent Pharmaceuticals business, meantime, increased to around $600,000 for the quarter from $400,000 year over year.
R&D expenses fell to $6 million in the third quarter of 2003, from $9.2 million in the year-ago period. As a result, third-quarter net loss decreased to $8.8 million, or $.22 per share, from $17 million, or $.45 per share, year over year.
Sequenom said it had $73.2 million cash, cash equivalents, short-term investments, and restricted cash as of Sept. 30.
Third Wave Posts Sharp Jump in Q3 Revenue as Expenses Plummet
Third Wave Technologies reported a substantial jump in total revenue atop an increase in R&D spending and a substantially narrowed net loss.
Total receipts for the three months ended Sept. 30 jumped to $9.4 million from $5 million one year ago. Product revenue made up the bulk of that growth, generating $9 million in the current third quarter compared with $4.6 million for the same period last year.
R&D spending, meantime, inched up to $2.8 million from $2.6 million during the third quarter last year. However, because of Third Wave’s ongoing cost-cutting strategy, total expenses for the third quarter fell to $10.5 million from $31.7 million one year ago.
The third-quarter revenue, the costs savings, plus a restructuring charge in the third quarter last year, caused net loss in the current third quarter to fall to $1.4 million, or $.04 per share, from $26.9 million, or $.68 per share, year over year. Third Wave said it had around $60 million in cash, cash equivalents, and short-term investments as of Sept. 30.
Qiagen Said Strong Q3 Revenue Drove Income
Qiagen posted strong growth in third-quarter revenue atop flat R&D spending and a substantial increase in net income.
Total revenue for the period ended Sept. 30 increased to $90.4 million from $85.9 million in the year-ago period as R&D spending remained essentially flat in the quarter at $7.5 million compared with $7.3 million one year ago.
Net income surged to $11.8 million, or $.08 per share, from $7.3 million, or $.05 per share, year over year.
Qiagen said it had around $75.3 million in cash and cash equivalents as of Sept. 30.
CuraGen Posts Shrunken Q3 Revenues as Pipeline Matures
CuraGen posted a significant fall off in total revenues at the end of the third quarter as the company tries moves to develop a viable drug-candidate pipeline.
Total receipts for the period ended Sept. 30 plummeted to $787,000 from $6 million one year ago, while CuraGen continues to “shift resources from discovery-based processes to preclinical and clinical activities” four months after it laid off 80 staffers.
R&D spending also fell in the quarter, to $15.1 million from $21.3 million one year ago. Net loss, however, narrowed to $17.5 million, or $.35 per share, from $19.9 million, or $.41 per share, in the third quarter of 2002. CuraGen also said it will begin issuing separate guidance for its 454 Life Sciences subsidiary beginning in next year.
CuraGen said it had around $358 million in cash and investments as of Sept. 30.
BioDiscovery, OGT Settle Microarray Software Patent-Infringement Suit
BioDiscovery and Oxford Gene Technology have settled the patent-infringement lawsuit filed by OGT in December 2002.
Terms of the settlement, which revolve around US Patent No. 6,054,270, allow BioDiscovery to continue selling its full line of microarray-image and data-analysis software, but do not give it a license to any OGT patents.
BioDiscovery’s software “may not be used to make any oligonucleotide arrays coming within the scope of any OGT patent or analyze polynucleotides using oligonucleotide arrays coming within the scope of any OGT patent or according to any method claimed in any OGT patent, unless the user has a license from OGT or uses arrays made by licensees of OGT,” the companies said in a statement.
Pyrosequencing likely to Change Name to Biotage
Pyrosequencing may soon change its name to Biotage, the small-molecule purification and separation-systems company it acquired two weeks ago.
The name change, which Pyrosequencing said would not affect the company’s distinctive logo, must be approved by shareholders during an upcoming meeting. The company said it will call for a shareholders’ meeting “shortly.”
Pyrosequencing will also get a new organizational structure, which will comprise two business areas: Biosystems and Discovery Chemistry. Hans Johansson, president of Pyrosequencing, will be the head of Biosystems, and David Patteson, president of Biotage, will run Discovery Chemistry.
US EPA to Use Amersham’s CodeLink Arrays to Study Aquatic Toxicity
The US Environmental Protection Agency will use Amersham Biosciences’ CodeLink microarrays to help it find biomarkers linked to aquatic toxicity.
The agency will provide gene sequences from the fathead minnow — a standard animal model for aquatic toxicology studies — and Amersham will use these sequences to create microarrays. The EPA will then screen selected minnow genes to identify contaminants.
David Lattier, one of the EPA principal investigators on the project, told SNPtech Reporter’s sister publication, BioArray News that the group selected the CodeLink platform because of its technology – specifically, the method the company uses to deposit DNA onto a three-dimensional substrate.