Bruker Reports Increased Revenues in Q1, Sells More Hybrid-FTMS Instruments
Bruker Daltonics of Billerica, Mass., reported revenues of $34.1 million for the first quarter of 2003, up from $25.7 million the year before.
The company recorded a net loss of $1.1 million ($0.02 per diluted share) for the quarter, compared with a net income of $900,000 ($0.02 per diluted share) during the same period last year. This loss is due to approximately $1.9 million in costs related to the company’s expected merger with Bruker AXS.
Research and development costs soared to $6.3 million for the quarter, up from $4.5 million during last year’s first quarter.
As of March 31, the company had $49.0 million in cash and short-term investments, compared to $46.9 million at the end of 2002.
About three quarters of Bruker’s revenues in Q1 derived from life science systems. “Fundamentally, our product lines, including our new products introduced in March at Pittcon 2003, continue to be very well received by our customers,” commented president and CEO Frank Laukien in a statement.
Bruker told ProteoMonitor that it has sold its new Apex-Q hybrid Q-q Fourier Transform mass spectrometer, launched in March at Pittcon, to the Mayo Clinic, the University of Amsterdam, and an undisclosed US biotechnology company. In addition, Sandia National Laboratories is upgrading its existing FTMS to an Apex- Q.
Matritech Sees Revenues Grow
Matritech of Newton, Mass., reported revenues of $920,000 for the first quarter of 2003, compared with $800,000 for the same period last year.
The company’s net loss decreased to $2 million for the quarter from $2.1 million a year ago.
The company spent $730,000 on R&D and clinical expenses, compared to $1 million last year.
As of March 31, Matritech had $6.9 million in cash and cash equivalents, compared with $4.2 million at the end of 2002.
GPC Biotech’s Revenues Grow, Loss Narrows
GPC Biotech of Martinsried, Germany, reported revenues of €6.1 million ($7 million) for the first quarter, up from €5.1 million ($5.8 million) during the same period last year.
The company’s net loss decreased from €6.5 million ($7.5 million) during last year’s first quarter to €4.6 million ($5.3 million) for the first quarter of 2003.
Research and development expenses decreased to €8.6 million ($9.9 million) for the quarter, from €9.6 million ($11 million) a year ago.
As of March 31, the company had €111.5 million ($127.9 million) in cash, cash equivalents, restricted cash, short-term investments, and marketable securities.
Earlier this year, GPC initiated a collaboration with Eli Lilly to use its LeadCode yeast three-hybrid technology to study protein-drug interactions for Lilly.
Applied Imaging and Wellcome Trust Sanger Institute Collaborate
Applied Imaging of Santa Clara, Calif., will provide its imaging technology for the Wellcome Trust Sanger Institute’s Atlas of Gene Expression project.
The goal of the project is to map protein expression in tissues representing normal and disease states using antibodies.
Applied Imaging will develop proprietary applications of its Ariol software for the high-throughput analysis of tissues samples and will have exclusive worldwide commercial rights to sell these applications.
US Genomics Receives Another $25M in Venture Capital
US Genomics of Woburn, Mass., has received $25 million in equity financing. Lead investor Fidelity Biosciences was joined by new investors Zero Stage Capital and China Development Industrial Bank, as well as existing investors HealthCare Ventures and CB Health Ventures. According to CEO Stephen DeFalco, the funding will be used to commercialize single molecule detection products for RNA analysis.
The company also develops its technology for protein analysis at the single molecule level.