Innogenetics' 2nd-Qtr Results Go To Plan

Belgian biotechnology company Innogenetics has reported financialresults for the second quarter ended June 30, 1997, which the company says largely reflect planned investments and developments.

Total revenues in the second quarter increased from $5.1 million in 1996 to $5.9 million, with sales rising to 150 million Belgian francs ($4.0 million), up 33.9% compared to the corresponding period last year. Due to unfavorable exchange rates, however, product sales in dollars for the second quarter were up 23%. Net loss was $1.4 million versus a net loss of $0.9 million for the same period in 1996, primarily due to a decrease in contract revenues.

A principal factor behind the sales growth has been the firm's AIDS product line, which grew 95% compared to the previous year. The firm launched its INNO-LiPATM Reverse Transcriptase assay during the quarter. Innogenetics also noted that it expects substantial license fees during the third quarter for its HIV-1 group O patent licensing program run in conjunction with US health care giant, Abbott Laboratories.