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GNSC Eyes Black Ink
Biotech posts record revenues
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Business New Haven
2/16/2004
By: BNH
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Genaissance Pharmaceuticals Inc. on February 12 reported an 83-percent increase in fourth-quarter revenues, prompting officials of the New Haven biotech to predict profitability as early as 2005 - which would make Genaissance the first Elm City biotech firm to break into the black.
Two recent acquisitions and continued technology licensing agreements helped generate the record-setting revenues.
For the fourth quarter ended December 31, Genaissance posted $4.7 million in revenues, compared with $2.6 million during the same period 12 months earlier.
The company still posted a net loss of $6.5 million (28 cents a share) for the period, compared with a loss of $5.4 million in fourth-quarter 2002. Annual revenues likewise climbed 54 percent to $12.5 million last year, from $8.1 million in 2002.
Genaissance had a net loss of $20.9 million (91 cents a share) for the year, compared with a loss of $33.1 million ($1.45 a share) in 2002.
In April, Genaissance acquired DNA Sciences, based in Fremont, Calif. In December, it announced an agreement to acquire Lark Technologies Inc., a Houston genomics company, in an all-stock transaction worth $19.9 million.
"This past year established Genaissance as a solid pharmacogenomics company with significantly improved business fundamentals," said Kevin Rakin, Genaissance's president and CEO.
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