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Despite Revenue Growth, Sequana Posts Net Loss for Quarter

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LA JOLLA, Calif.--Sequana Therapeutics, a genomics company here that uses industrial-scale gene discovery and functional genomics technologies to develop products to diagnose and treat human diseases, has released third quarter financial results that show a net loss for the year. However, with revenues nearly doubling over the same period last year, the loss was smaller than the one recorded in 1996.

Sequana reported a net loss of $4 million, or 39 cents per share on $4.4 million of revenue for the quarter ending September 30, compared to a net loss of $5.4 million, or 54 cents per share on $2.3 million of revenue for the third quarter of 1996. The company ascribed the gain to increased funding from Boehringer Ingelheim related to a partnership in asthma research, coupled with additional payments from Glaxo Wellcome and Boehringer for achieving research milestones in, respectively, diabetes and osteoporosis. Sequana's research and development costs grew from $7.04 million in the third quarter of 1996 to $7.12 million last quarter, the company said. President and CEO Kevin Kinsella added that research progress in each of the firm's partnered discovery programs last quarter bring Sequana closer to gene discoveries in important disease areas.

For the nine months ending September 30, Sequana reported a net loss of $12.5 million, or $1.22 a share, compared to $12.9 million, or $1.36 a share for the same period last year. It generated $13 million in revenue for the first three quarters of 1997, compared to revenues of $7.1 million for the same period in 1996.

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