Biopharmaceutical company DeCODE Genetics lost USD 85.5 million (EUR 65.2 million) last year as revealed in the company’s 2006 financial results released yesterday. Net loss in 2005 was USD 62.8 million (EUR 47.9 million).
According ruv.is, the increased net loss is due to costly clinical research related to DeCODE’s development of medicine for cardiac and blood vessel diseases. Research cost was nearly USD 57.2 million (EUR 43.6 million).
DeCODE’s revenue last year totaled to USD 40.5 million (EUR 30.9 million), compared to USD 44 million (EUR 33.5 million) in 2005.
By the end of 2006 the company had USD 152 million (EUR 116 million) in cash and investments, but USD 155.6 million (EUR 119) in 2005.