old, but I think we all missed it......
Tuesday February 19, 6:03 am Eastern Time
Press Release
SOURCE: Gene Logic Inc.
Gene Logic Reports Fourth Quarter and Year End 2001 Results
--Revenues Increase 49% to Record Level, and GeneExpress Product Line and Sales Growth Highlight Quarter--
GAITHERSBURG, Md.--(BW HealthWire)--February 19, 2002--Gene Logic Inc. (Nasdaq:GLGC - news), a leading provider of genomics-based information products and services, reported its fourth quarter and year end 2001 financial results.
Record revenue for the fourth quarter of 2001 was $14.0 million, an increase of 49% when compared to the fourth quarter of 2000. Revenues for the twelve months ended December 31, 2001 were $43.3 million, a 61% increase over the $26.9 million reported for the comparable period of 2000. Increases in total revenue during the fourth quarter and full year 2001 versus the comparable periods of 2000 were the result of new pharmaceutical and biotechnology customers to the GeneExpress® product line, expanded subscription levels from existing GeneExpress® customers, and the completion of custom database and other service deliverables.
For the fourth quarter of 2001, Gene Logic reported a net loss of $6.0 million, or $0.22 per share, compared to a net loss of $5.4 million, or $0.21 per share, for the same period of 2000. Net losses for the full year ended December 31, 2001 were $33.2 million, or $1.25 per share, compared to a net loss of $24.0 million, or $0.95 per share, for the same period of 2000. When compared to 2000, 2001 net losses reflect a decline in net interest income of $2.4 million, or $0.09 per share, and $5.1 million, or $0.19 per share, for the fourth quarter and full year, respectively, due primarily to declines in interest rates. In addition, during the fourth quarter, the Company recorded a $2.5 million write-down of its investment in Neuralstem, Inc. to reflect management's estimate of Neuralstem's market value. At December 31, 2001, following the write-down, the value of the Company's investment in Neuralstem was $4.3 million.
Fourth Quarter 2001/ Early First Quarter 2002 Highlights
GeneExpress®Business Growth:
Morphochem AG subscribed to a selection of GeneExpress® products, including the Oncology DataSuite, a series of GeneExpress® Reports, and agreed to collaborate on generating a database based on proprietary samples.
GlaxoSmithKline subscribed to the BioExpressTM and will collaborate in constructing a customized database containing segments of GSK's in-house data, which will be integrated with the wealth of information in the BioExpress(TM).
Aventis Pharmaceuticals subscribed to a CustomSuite of the GeneExpress®.
Pfizer, Inc. expanded its business relationship with Gene Logic on two separate occasions: 1) an extension to five years to its subscription to the ToxExpress(TM); and, 2) a license to the Genesis(TM) Enterprise Software, as well as a predictive toxicology program collaboration focused on generating a database related to the safety profile of proprietary compounds selected by Pfizer.
New GeneExpress Product Launch and Commercial Success:
GeneExpress® Reports, an entry-level priced product focused on comprehensive gene expression data related to individual genes of interest, was launched in December 2001.
In conjunction with the launch of the GeneExpress® Reports, Gene Logic announced five initial commercial customers to this new product, including Vertex Pharmaceuticals, Athersys, Inc., Proteologics, Inc., ZYCOS Inc., and an unnamed biopharmaceutical company.
Additional commercial customers to the GeneExpress® Reports product in early first quarter 2002 include DGI Bio Technologies.
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