Genaissance Pharma 4Q Losses 50c A Shr Vs $1.42
Dow Jones Newswires
Genaissance Pharmaceuticals Inc. - New Haven, Conn.
4th Quar Dec. 31:
2000 1999
Revenue $566,000 $64,000
Net income (11,333,000) (3,485,000)
Avg shrs 22,666,000 2,810,000
Shr earns
Net income (.50) (1.42)
Year:
Revenue 753,000 680,000
Net income (36,766,000) (9,449,000)
Avg shrs 10,908,000 2,719,000
Shr earns
Net income a (8.55) (4.24)
Figures in parentheses are losses.
a. Reflects a $50.2 million loss from beneficial conversion of preferred stock. Assuming conversion of preferred stock and automatic exercise of warrants occurred at original issuance date, the loss was $2.19 a share, based on 16,790,000 weighted average shares outstanding.
At Dec. 31, 2000, the company had cash, cash equivalents and marketable securities of about $110.4 million.
Genaissance Pharmaceuticals Inc. (GNSC) said it will begin the first of a series of trials for its Mednostics next month.
The first trial will study four lipid-lowering drugs currently on the market -- Pfizer Inc.'s (PFE) Lipitor, Merck & Co. Inc's (MRK) Zocor, Bristol Myers Squibb Co.'s (BMY) Pravachol and Bayer's Baycol.
The trial aims to discover how physicians can personalize medication using genomic variation and will consist of about 600 patients at 60 medical centers.
The study is expected to take about one year.
Genaissance Pharmaceuticals applies population genomics, informatics and clinical data to develop personalized medicines.
Company Web site: genaissance.com |
