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SDIX's Q1 Revenues Slide 15 Percent

NEW YORK (GenomeWeb News) – SDIX reported after the close of the market on Thursday a 15 percent falloff year over year in first-quarter revenues.

The company also announced a deal with a top-10 drug firm to generate monoclonal antibodies against a GPCR target.

The Newark, Del.-based firm recorded $5.6 million in revenues for the three months ended March 31, down from $6.6 million a year ago. Life Science revenues slid 11 percent year over year to $4 million from $4.5 million due to order timing in the IVD business where larger orders result in variability quarter to quarter, SDIX said. Also, sales in the biopharmaceutical space were soft compared to a year ago.

SDIX and BD Diagnostics, a segment of Becton Dickinson, forged a deal in February to develop and commercialize a microbiology detection system. That alliance brought in $920,000 in revenues to SDIX during the first quarter, it said.

Food Safety revenues dropped 17 percent to $1.5 million from $1.8 million as regulatory changes resulted in customers moving from SDIX's E. coli products to other testing products, the company said.

Its Ag-GMO business brought in revenues of $180,000 in the quarter, down $81,000 from a year ago as the firm continued to move away from that business.

SDIX increased its R&D spending 27 percent to $1.1 million from $863,000 but lowered its SG&A spending 13 percent to $3.3 million from $3.8 million.

SDIX had a net loss of $1.2 million, or $.06 per share, compared to a net loss of $658,000, or $.03 per share, a year ago.

Company President and CEO Francis DiNuzzo said in a statement, "We are taking aggressive actions in our core Life Science business to increase our order flow and believe these actions will allow us to achieve higher revenue as the year progresses.

"In Food Safety, we are focused on growing our Salmonella and Listeria products, and continue to drive our international market expansion," he added. "Food Safety revenue increased over the fourth quarter of 2011 and we believe the improvement will continue in subsequent quarters."

SDIX ended the quarter with $9.8 million in cash and cash equivalents and $200,000 in restricted cash.

The firm also announced a collaboration with an unnamed drug firm to use SDIX's Genomic Antibody Technology for the discovery of monoclonal antibodies against an undisclosed GPCR target chosen by the drug firm. Antibodies resulting from the collaboration are expected to be incorporated into a clinical assay that the drug manufacturer will use in its therapeutic development work.

Financial and other terms of the deal were not disclosed.

"This collaboration offers us the opportunity to demonstrate our capabilities with a well-regarded antibody development group within a major pharmaceutical company," Klaus Lindpaintner, vice president of research and chief scientific officer of SDIX, said. "We expect to be successful in providing our collaborator with antibodies they have so far been unable to generate."

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