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4basebio Posts 20 Percent Rise in 2019 Revenues

NEW YORK — 4basebio on Friday reported a nearly 20 percent year-over-year increase in revenues for 2019 on strong performance by its genomics and recently divested proteomics and immunology businesses.

For the 12-month period ended Dec. 31, 4basebio's revenues climbed to €15.7 million ($17.0 million) from €13.1 million the year before. The firm attributed the higher revenues in part to the impact of a full year of revenues from TGR Biosciences, which was acquired in mid-2018.

In November, the German company — formerly known as Expedeon — agreed to sell its proteomics and immunology businesses to Abcam for €120 million in cash. Upon completion of the transaction in early January, it took the 4basebio name and shifted its focus to the manufacture and supply of synthetic DNA for research and therapeutic applications.

4basebio's net loss for 2019 climbed to €2.7 million, or €.05 per share, from €301,000, or €.01 per share, in 2018.

Operating costs for the year jumped 18 percent to €17.7 million from €15.0 million, reflecting costs associated with a reevaluation of acquisition earnouts at the end of the year and increased business scale.

At the end of 2019, 4basebio had cash totaling €3.7 million.

The company said that it will continue to scale and expand its operations, and plans to spend €15.0 million over the next two years to develop its DNA manufacturing technology and build a manufacturing facility. 4basebio will also continue to acquire gene therapy and vaccine workflow technologies and assets that are complementary to its DNA production technology.

It anticipates a 2020 cash burn — excluding expenses associated with the Abcam transaction — in the range of €2.5 million to €3.5 million. Revenues for 2020 are expected to be between €500,000 and €1 million.