Loss down 53% on cost cuts for deCODE
Icelandic biopharmaceutical firm deCODE genetics cut its loss by 53% in the first quarter of 2009, year-on-year, due to reduced R&D costs.
Net loss was $12.6 million, or $0.21 per share, compared to a loss of $26.7 million, or $0.44 per share. Revenue for the first quarter 2009 was $8.9 million, down 41%, principally due to lower contract service revenues.
R&D expenses for proprietary programs were $4.2 million, a 67% decrease. This reflects the company's current focus on applying its established capabilities in human genetics to drive its diagnostics and deCODEme businesses, and the curtailment of investment in clinical trials for its therapeutics programs reflected in the 2008 period.
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