NEW YORK — 4basebio on Thursday posted a 5 percent year-over-year decline in revenues for the third quarter, reflecting a reduction in US sales following the closure of the company's San Diego site. In addition, it has approved the spinoff of its DNA manufacturing business.
For the three-month period ended September 30, 4basebio's revenues fell to €289,000 ($340,800) from €305,000 a year earlier, as a bulk sale of enzymes from the company's Spanish operations partially offset the lower US sales.
Early this year, Heidelberg, Germany-based 4basebio — then known as Expedeon — sold its proteomics and immunology businesses to Abcam for €120 million in cash in order to focus on the manufacture and supply of DNA for research and therapeutic applications through its Madrid-based unit. The company later shut down its San Diego operations.
4basebio's net loss for the quarter was flat compared to a year ago at €1.3 million. Total operating expenses in the quarter were also unchanged year over year at €1.5 million.
As of September 30, 4basebio had cash and cash equivalents totaling €75.7 million.
"During the course of Q3, the business continued to invest in its DNA technology, with a focus on the ongoing validation and increasing scaling of DNA manufacturing … and [remains] on track to produce GMP grade DNA during the course of 2021," 4basebio CEO Heikki Lanckriet said in a statement. "As a result of the Abcam transaction, we are well financed."
4baseBio noted that an extraordinary general company meeting on Nov. 3 approved the spinoff and separate listing of the company's DNA operating business on the UK Alternative Investment Market, a plan announced this summer, which the firm said will result in changes to "the shape of the company" in Q4.