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Genaissance Q3 Results
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Business New Haven
11/13/2000
By: BNH
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NEW HAVEN - Genaissance Pharmaceuticals Inc. (NASDAQ: GNSC), which applies population genomics, informatics technologies and clinical data to the development of personalized medicines, reported financial results for the third quarter and nine months ended September 30. Genaissance completed its initial public offering on August 2 of this year.
For the quarter, revenues were $67,000, compared to $60,000 for the third quarter last year. Operating expenses for the quarter were $11.0 million, of which $7.8 million were attributable to research and development. This compares to operating expenses of $3 million and research and development expenses of $1.6 million for the third quarter of 1999. The company reported a net loss for the quarter of $9.8 million, or 49 cents per share (assuming conversion of outstanding shares of preferred stock and automatic exercise of warrants from date of original issuance).
Revenues for the nine-month period ended September 30, were $187,000 compared to revenue of $616,000 for the same period last year. Operating expenses for the first nine months were $27 million, with $15.6 million attributable to research and development. This compares to operating expenses of $6.4 million and research and development expenses of $3.9 million for the first nine months of 1999. The company reported a net loss for the nine-month period of $25.4 million or $1.68 per share.
As of September 30, 2000, Genaissance had cash, cash equivalents and marketable securities totaling $121.3 million.
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