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GeneLink Q2 Revenues Retreat 35 Percent

NEW YORK (GenomeWeb News) – GeneLink's revenues for the second quarter retreated 35 percent year over year, the company reported after the close of the market on Tuesday.

For the three months ended June 30, the Orlando, Fla.-based firm posted receipts of $1.3 million, down from $2 million a year ago, according to a document filed with the US Securities and Exchange Commission.

R&D costs increased to $7,589 from none a year ago, while SG&A costs contracted 11 percent to $1.6 million from $1.8 million.

Net loss for the quarter rose xx percent to $801,533, or $.01 per share, from $571,068, or $.04 per share a year ago.

Bernard Kasten, chairman and CEO of GeneLink said that during the first half of the year, the company refocused its business to expand the firm's offerings and revenues through "strategic business relationships," which resulted in an agreement announced last month to sell the licensing rights and assets of its GeneWize Life Sciences subsidiary to Capsalus.

In January, GeneLink also inked a deal with a company formed by Robert Trussell," the founder of Tempur-Pedic, to distribute genetically customized products developed by GeneLink.

"We are working proactively to support the anticipated increased sales volume from these and additional potential relationships in the coming months," Karsten said in a statement.

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