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Exiqon Posts 15 Percent Revenue Increase for Q2

NEW YORK (Genomeweb News) – Exiqon announced today that its second quarter revenues increased 15 percent year over year as it significantly trimmed its net loss for the period.

The Danish firm brought in total revenues of DKK 33.3 million ($5.97 million) for the second quarter, up from DKK 29.1 million for Q2 2012. Exiqon said that its research product sales and services revenue was up 21 percent to DKK 26.8 million from DKK 22.2 million.

The firm cut its net loss to DKK 1.3 million, or DKK .03 per share, from DKK 4.1 million, or DKK .12 per share, year over year.

During the quarter, Exiqon received funding of DKK 12 million for its role in a consortium that aims to develop a platform for precision medicine using gene expression analysis so that individual cancer patients can receive treatments that have been tailored specifically for them.

Today, the firm noted that that project includes the development of a next-generation sequencing and bioinformatics platform.

"We are very pleased with [the] performance in the second quarter, and I am encouraged to see continued improvement in our North American sales," Exiqon CEO Lars Kongsbak said in a statement. "Recent grants and bond financing have paved the way for a number of new initiatives that will help us accelerate growth, and we are now taking steps to enter the fast growing market of Next Generation Sequencing in the first half of 2014."