NEW YORK (GenomeWeb News) – The NextGen Group today said that revenues for the first half of the year increased 34 percent, leading to a decline in its net loss.
For the six months ending June 30, the company recorded $948,279 in revenues, up from $708,831 a year ago. Its net loss for the period improved to $1.6 million, or $.0002 per share, from $1.7 million, or $.0004 per share, from the first half of 2010.
NextGen ended the half-year with $28,533 in cash and cash equivalents.
As 2010 ended, the company restructured its business to concentrate on higher value, scalable products and away from low-margin intensive protein characterization projects. In its new model, the company is using its expertise in mass spectrometry to offer contract research organization services in protein biomarker discovery; protein biomarker assay development using multiple reaction monitoring technology; custom assay development; and protein biomarker testing and qualification.
The biomarker services are provided by its wholly owned US subsidiary NextGen Sciences.
The restructuring, NextGen said today, was completed during the first quarter of 2011 "and has successfully delivered the first phases of two new assay products focused on the oncology and [central nervous system] therapeutic areas.
"These 'off-the-shelf' products for biomarker discovery and/or qualification have established commercial traction in the first half of 2011 and are core to the strategy for driving the revenue growth of the business," NextGen said.
During the first half of the year, NextGen launched the plasmadiscovery41 assay for biomarker discovery and qualification targeting cancer, and the csfdiscovery43 assay for biomarker discovery and qualification targeting CNS diseases.
In June the company signed a $700,000 deal for biomarker qualification with the plasmadiscovery41 assay with an undisclosed partner, NextGen said.
The immediate focus under the new business model will be pharmaceutical and biotech firms discovering and developing small-molecule drugs and biologics, with a further focus on oncology and CNS therapeutic areas, it said.