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Accelr8's Q3 Revenues Drop Sharply

NEW YORK (GenomeWeb News) – Accelr8 today disclosed that revenues during its fiscal third quarter fell 18-fold quarter over quarter, resulting from the end of an agreement with Novartis.

In its Form 10-Q filed with the US Securities and Exchange Commission, the Denver-based company reported revenues of $13,207 for the three months ended April 30, compared to $240,272 a year ago, as technical development fees came in at $0 for the recent quarter, down from $214,500 a year ago.

Accelr8 said the sharp drop resulted from an agreement it had with Novartis to evaluate Accelr8's BACcel platform that expired in the fall and that Novartis chose not to renew.

OptiChem revenues, meanwhile, slid to $13,207 from $25,772 a year ago due to a decrease in royalties earned from the sale of slides H and HS sold by Schott.

R&D spending in the quarter was cut by 13 percent to $109,860 from $126,918, while SG&A spending rose 36 percent to $248,551 from $183,127.

Accelr8's net loss in the third quarter widened to $388,383, or $.03 per share, from $123,994, or $.01 per share, a year ago.

The company finished the quarter with $212,995 in cash and cash equivalents.

In April, it announced an investment group planned to invest up to $35 million into Accelr8 to support the continuing development and commercialization of the BACcel platform. One of the members of the investment group, Larry Mehren, would become the new CEO replacing Tom Geimer.

In afternoon trading, shares of Accelr8 on the Nasdaq were unchanged at $7.65.

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