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DeCODE still running at a loss

DeCODE Genetics announced yesterday that it had lost USD 16.2 million in the second quarter of 2007 and a total of USD 38.9 million in the first six months the year. <?xml:namespace prefix = o ns = “urn:schemas-microsoft-com:office:office” />

Online newsmagazine Eyjan reports that basic and diluted net loss per share was USD 0.27 for the second quarter 2007 and for the first half of 2007, basic and diluted net loss per share was USD 0.64. The company had approximately 61.7 million shares outstanding at the close of the second quarter of 2007.

These results are somewhat better than those of last year. In 2006, the company lost USD 18.3 million in the second quarter and USD 38.6 million for the first six months. However, revenues have decreased between the two years. Revenue for the second quarter this year was USD 7.6 million, compared to USD 10.4 million for the same period a year ago. For the first half of 2007, revenue was USD 16.2 million, compared to USD 20.5 million for the first half of 2006.

“Over the past few months we have achieved several milestones in turning our discoveries in human genetics into new products with significant commercial potential […] We look forward to sharing with you our progress in all of these programs in the latter half of this year,” said Kári Stefánsson, CEO of deCODE, in a statement from the company.

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