French biotechnology company Genset more than doubled its spending onR&D in the first three months of 1997 to 31.7 million French francs ($5.6 milion) from 15.2 million francs a year earlier. The firm's net loss for the quarter was 26.8 million francs, or 3.92 francs per share, compared with a net loss in the 1996 first quarter of 17.7 million francs, or 3.93 francs per share. The increase had been anticipated.
The rise in R&D expenditure was attributed to the significant expansion of gene discovery programs, principally the costs of operating the new industrial-scale mapping laboratories and the capacity expansion of the high-throughput sequencing facility.
Revenues for the quarter were up 84% to 8.2 million francs. R&D revenues amounted to 6.5 million francs, representing 43% of the total.
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