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Revenues Are Up, But Xenometrix Still Posts Loss for Previous Quarter

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BOULDER, Colo.--Xenometrix, a biotechnology company here that uses its proprietary gene profiling technology to help the pharmaceutical industry optimize drug leads, has released financial results for the quarter ended September 30 that a show a slight gain in revenue over the same period a year ago, but a loss in net income and net per share. The losses are in part the result of a loss of grant money, greater R&D expenditures, new interest expenses, and an extraordinary gain recorded in the comparable period in 1996.

Xenometrix recorded sales and service revenue of $199,000 in the last quarter, compared to $166,000 a year ago. The company ascribed the gain to increased sales of its gene profile assays. Gross profit also grew from $2,000 for the quarter in 1996 to $54,000 this year. R&D expenditures grew from $250,000 to $373,000, reflecting, among other things, Xenometrix's focus on building a bioinformatics database. Except for R&D, the company's operating expenses fell compared to 1996 spending.

Xenometrix reported a net loss of $894,000, or 30 cents per share for the quarter. The company has obtained a $1.5 million line of credit to help it meet liquidity needs, which should be sufficient to meet expenses through the end of the year, officials said.

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