deCODE's FY 2006 net loss deepens 36.1%

Reykjavik, Iceland-based deCODE genetics says that revenue for the year ended December 31, 2006, was $40.5 million versus $44.0 million in 2005, not including $9.8 million in deferred income, which will be recognized over future reporting periods.

However, its net loss worsened to $85.5 million vs $62.8 million, due to the cost of clinical trials in the company's lead drug development programs. Basic and diluted net loss per share was $1.49 vs $1.17. The results were broadly in line with Lehman Brothers analysts' predictions, though net loss exceeded their $79.9 million estimate.

deCODE's R&D expenses reached $57.1 million from $43.7 million, reflecting the cost of clinical trials in its heart attack and arterial thrombosis programs, both of which progressed further into clinical development.