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Solexa Q3 Revenues Fall 33 Percent as Company Shifts from MPSS to Sequencing

NEW YORK (GenomeWeb News) - Solexa today said third-quarter revenues decreased 33 percent as R&D spending rose 21 percent and its net loss decreased 8 percent.
 
Total receipts for the three months ended Sept. 30 fell to $569,000 from $844,000 in the third quarter of 2005. Solexa said all of its revenues are from its legacy MPSS technology, which the company has now discontinued, and do not include any contribution from its Genome Analysis System DNA sequencing technology. 
 
R&D spending increased to $5.8 million from $4.8 million year over year. The company said it spent $1.4 million in the quarter on start-up expenses for its next-generation sequencing system.
 
The company’s net loss decreased to $9.9 million from $10.8 million in the year-ago period.
 
Solexa said it had around $47 million in cash and cash equivalents as of Sept. 30.
 
Solexa said it expects both manufacturing costs and product revenues to increase in the future as it proceeds with its next-gen sequencing development and sales of associated consumables.
 
"We have increased manufacturing production and now have the capacity to start making approximately one [genome analysis system] per workday," said Solexa CEO John West in a statement.
 
West added that the company expects to place more instruments in the fourth quarter and predicted "an exceptionally robust roll-out into 2007."
 
Seperately today, Illumina announced that it will acquire Solexa an in $600 million all-stock transaction.

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