Research and development expense was $5.7 million for the third quarter of this year, compared to $14.1 million for the same period last year. For the first nine months of 2008, R&D expense was $26.3 million, compared to $41.3 million for the first nine months of 2007. Our research and development expense in the first nine months of this year reflects the conclusion of clinical pharmacology studies in our most advanced drug development programs, preparations for the IND filing for our PDE4 modulator DG071, the launch of our prostate cancer, glaucoma and breast cancer tests, and the advancement of gene and target discovery work in a range of major disease areas.
Selling, general and administrative expense for the third quarter of 2008 was $6.7 million, compared to $7.1 million for the 2007 period. For the first nine months of the year, SG&A expense was $21.0 million in 2008 and $19.4 million in 2007.
At September 30, 2008, the company had liquid funds available for
operating activities (cash and cash equivalents together with current
investments) of $11.8 million, as compared to $23.7 million at June 30,
2008 and $64.2 million at December 31, 2007. The net utilization of liquid
funds in the three and nine-month periods ended September 30, 2008 was
$12.0 million and $52.4 million, respectively. At September 30, 2008, the
company had $35.5 million in cash, cash equivalents and investments,
comprised of the $11.8 million in cash and cash equivalents
|SOURCE deCODE genetics Inc|
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