REYKJAVIK, Iceland, May 11 /PRNewswire-FirstCall/ -- deCODE genetics (Nasdaq: DCGN) today announced its consolidated financial results for the quarter ended March 31, 2009. A conference call to discuss these results and recent developments in the company's business will be webcast live tomorrow, Tuesday, May 12, at 8:00am Eastern Daylight Time/12 noon GMT/1pm British Summer Time (details below).
Net loss for the quarter ended March 31, 2009 was $12.6 million, compared to $26.7 million for the first quarter 2008. Basic and diluted net loss per share was $0.21 for the first quarter 2009, compared to $0.44 for first quarter last year. At March 31, 2009, the company had approximately 61.8 million shares outstanding.
Revenue for the first quarter 2009 was $8.9 million, versus $15.0 million for the first quarter last year. This decline is due principally to lower contract service revenues. At March 31, 2009, the company had $12.7 million in deferred revenue, which will be recognized over future reporting periods.
Research and development expense for proprietary programs was $4.2 million for the first quarter of this year, compared to $12.7 million for the same period last year. This reflects the company's current focus on applying its established capabilities in human genetics to drive its diagnostics and deCODEme businesses, and the curtailment of investment in clinical trials for its therapeutics programs reflected in the 2008 period. Selling, general and administrative expenses for the first quarter 2009 were $4.9 million, compared to $7.2 million for the first quarter 2008.
At March 31, 2009, the company had cash and cash equivalents of $6.1
million, compared to $3.7 million at December 31, 2008. In early 2009 the
company sold its auction rate securities (ARS) for approximately $11.0
|SOURCE deCODE genetics Inc|
Copyright©2009 PR Newswire.
All rights reserved