3rd-Qtr Revenue Rise At Innogenetics

Belgian biotechnology company Innogenetics has reported a rise of 25.2%in revenues to $8.6 millionfor the third quarter of 1997 compared to the same period last year, while net income was $1.9 million, or $0.09 per share, compared to a net loss of $3.4 million, or $0.22 per share, for the same three months in 1996. The rise was principally due to a $3.4 million license fee received from Abbott Laboratories for its HIV-1 type O program. Sales growth was driven by the company's Innotest HIV-Ag and Inno-LiPA products.

- Meantime, Innogenetics and Belgian pharmaceutical group Solvay have entered into a five-year agreement focusing on the discovery of novel genes. The deal involves a $4 million down payment to Innogenetics, with up to $2 million per year for research funding. Solvay is also paying around $35.5 million for an 8.3% stake in Innogenetics.