Healthy first quarter for deCode

deCode Genetics of Iceland says that revenues for the first quarter of2001 rose 9% to $5.0 million, principally as a result of milestone payments from its collaborative partner Roche. R&D costs were $20.2 million, compared with $9.2 million for the same period in 2000, while net loss rose to $16.1 million from $6.9 million. As of March 31, deCode had $172.1 million in cash and equivalents.

Kari Stefansson, deCode's chief executive, said that the firm's most important achievement in the first quarter was to take "decisive early steps toward turning our disease-gene research into products on the market." He added that "on the basis of deCode's continued success in the lab and very exciting prospects for new alliances across our business model, we fully expect to achieve strong year-end revenue growth."