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Genesis Research cuts loss for year from $7.5m to $700k

Genesis Research and Development reported a $776,000 loss in the 12 months to December 31, down from a $7.5 million loss in the same period last year.Revenue rose 60% to $1.95 million, and included $1 million from sale of intellectual property to Solirna

NZPA
Mon, 01 Mar 2010

Genesis Research and Development reported a $776,000 loss in the 12 months to December 31, down from a $7.5 million loss in the same period last year.

Revenue rose 60% to $1.95 million, and included $1 million from sale of intellectual property to Solirna Biosciences and $492,000 for research service supplied to Solirna Biosciences.

The accounts were prepared on a going concern basis, with a need for further funding noted as a fundamental uncertainty.

The company has a cash balance of $300,000. There was no dividend payment.

The company was founded in 1994.

NZPA
Mon, 01 Mar 2010
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Genesis Research cuts loss for year from $7.5m to $700k
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