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Gene Logic Foresees Growing Revenues, Narrowing Losses in 2002

NEW YORK, Nov. 16 – Bioinformatics and database company Gene Logic said Friday it expects its revenues for full-year 2002 to total $65 million, a 52 percent increase over anticipated revenues for this year.

The Gaithersburg, Md.-based company said that its quarterly revenues would rise from $11.6 million in first-quarter 2002, to $15.4 million in the second quarter, to $17.2 million in the third, and to $20.8 million in the fourth.

Gene Logic attributed the anticipated rise in revenues to expectations that the number of pharmaceutical and biotech companies using its GeneExpress suite of products would increase.

The company also expects to expand its relationships with current customers and to provide its Genesys software and other products and services to potential users.

Operating losses meanwhile are expected to narrow each quarter and to total $24 million for the year.

Gene Logic said its net losses would also shrink throughout 2002, from $8.1 million, or 30 cents a share, in the first quarter to $1.9 million, or seven cents a share in the fourth quarter. 

For full-year 2002, Gene Logic expects to post net losses of $20 million, or 74 cents a share.

The current forecast for 2002 represents a significant drop in anticipated losses over this year and an improved outlook compared with Wall Street’s previous forecast.

According to a survey of analysts conducted by First Call/Thompson Financial, Gene Logic is expected to post a net loss of $1.26 a share in 2001 and a net loss of 92 cents a share next year.

"The continued success of our sales efforts coupled with our ability to control our operating expenses has resulted in forecasts of significant year over year improvements in our performance" Mark Gessler, CEO of Gene Logic, said in statement.

"The success of our business model is giving us the opportunity to aggressively pursue profitability while, at the same time, allowing us to continue to expand our product and content offerings," he added.