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Pacific Biomarkers Q2 Revenues Drop 35 Percent

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Specialty biomarker and contract research services firm Pacific Biomarkers this week reported that revenues fell by 35 percent for its fiscal second quarter.

For the three months ended Dec. 31, 2009, the Seattle-based firm posted receipts of $2.1 million, compared to $3.2 million in the year-ago period. Net loss for the quarter was $457,629, or $0.03 per share, compared to a profit of $976,671, or $0.05 per share, a year ago.

In a statement, CEO Ron Helm said that the results are a "reflection of the challenging drug development environment." He added, though, that the company remains "confident that we are well-positioned to execute our strategic plan for continued growth in the specialty laboratory business and our biomarker services area."

At the end of 2009, the company changed its name from Pacific Biometrics. The company provides specialized central laboratory and contract research services to drug firms and diagnostic manufacturers and works with protein, peptide, metabolite, and bioassay biomarkers.

"We have identified the biomarkers services area as the long-term growth driver in a market segment where demand is strong and there are presently no dominant players," Helm added.

As of Dec. 31, Pacific Biomarkers had $3.3 million in cash and cash equivalents.

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