Breaking News From Pharma & Bio Ingredients
2004 Sales Surge for Genaissance Pharmaceuticals
Posted on 2005-02-10 06:01:00
Revenue jumped 67% in 2004 for Genaissance Pharmaceuticals, the company reported today. The results of Lark Technologies, Inc. and DNA Sciences which were acquired on April 1, 2004, and May 15, 2003, respectively. Revenue increased 67 percent to $20.9 million, primarily due to the Lark acquisition and the inclusion of DNA Sciences for a full year. Operating expenses in 2004 were $40.3 million, compared to $31.0 in the year ago period. The increase was primarily attributable to the Lark acquisition, inclusion of DNA Sciences for a full year, and fees associated with the acquisition of a Phase II anti-depressant drug candidate from Merck KGaA. The net loss attributable to common stockholders for the year ended December 31, 2004, was $22.7 million, or 78 cents per share, compared to a net loss of $20.8 million, or 91 cents per share a year ago.
"In 2004 we built our core businesses in DNA testing and clinical services and embarked on the development of our own drug that we believe will benefit from commercial application of our pharmacogenomic technology," said Kevin Rakin, President and Chief Executive Officer of Genaissance. "We currently expect revenue to grow in 2005, bringing us closer to operating self sufficiency."
Subscribe via RSS
