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Quest Collaboration Propels Genomic Vision Q3 Revenues Up 47 Percent

NEW YORK (GenomeWeb) – Genomic Vision said on Thursday that its third quarter revenues increased 47 percent year over year. 

For the three months ended Sept. 30, the French molecular diagnostics firm posted €986,000 ($1.1 million) in revenues compared to €673,000 ($743,000) in the year-ago period. Revenues from sales grew 47 percent to €681,000 from €464,000 as revenues from Genomic Vision's collaboration with Quest Diagnostics rose 56 percent to €615,000 from €395,000. Product sales retreated 4 percent to €66,000 from €69,000. Other revenues increased 46 percent to €305,000 from €209,000 in Q3 2014. 

The company noted that during the third quarter it signed a deal with Rouen University Hospital to conduct a trial for infantile spinal muscular atrophy. Quest has chosen SMA as a target for possible test development in the US. Genomic Vision and RUH will seek to identify the structural variations responsible for SMA by using Genomic Vision's molecular combing technology to investigate the DNA of 360 patients. 

The company did not disclose its bottom-line results. It exited the quarter with €18 million in cash and cash equivalents. 

Genomic Vision develops diagnostic tests for genetic diseases and cancers based on its molecular combing technology, which involves stretching DNA fibers on glass slides, "combing" them, and then uniformly aligning the DNA fibers across the whole surface.