NEW YORK, Nov. 9 –Strong sales of Informax’s Vector NTI suite and Genomax enterprise platform sparked a 155 percent jump in the company’s third quarter 200 revenues amid widening losses, the company reported Thursday.
Informax reported third quarter revenues of $4.9 million, compared to $1.9 million for the year-ago quarter, while its losses increased to $2.2 million versus $.7 million for the third quarter of 1999.
" During the third quarter and nine months, we achieved strong growth in our customer base for the Vector NTI Suite for desktop computers and continued to see rapid acceptance of our more powerful Genomax enterprise platform," said Informax CEO Alex Titomirov in a statement. " Our goal in the coming year is to further cement and leverage our position as the leading supplier of bioinformatic tools to the genomic revolution."
Titomirov predicted about $5 million in revenues for the fourth quarter of 2000, and said revenues would significantly increase in 2001. “After a year of intense building, Informax is targeting 90% revenue growth for the coming year,” Titomirov said in a statement.
Informax also reported that its operating expenses for the quarter increased to $6.4 million, from $2.6 million for the third quarter of 1999. This increase was largely accounted for by a rise in sales and administrative costs to $ 4.6 million, from $1.9 million for the year-ago period. But the company's R & D expenses also rose to $1.35 million, from $.6 million for the previous third quarter.
Informax reported cash assets of only $7.8 million, but this figure does not take into account the $85.6 million in net proceeds raised during the initial public offering, which it completed October 2 nd , just after the close of the quarter.
Informax entered into several significant partnerships during the quarter. In August it announced it would jointly develop a new version of Genomax with Amersham Pharmacia Biotech.
Then in September, it teamed up with Incyte in an agreement that will allow researchers to search some of Incyte’s databases through Vector NTI, and agreed to distribute Structural Bioinformatics’ three-dimensional protein structure database.