The increase in net loss for the fourth quarter of 2008, as compared to the fourth quarter of 2007, was primarily due to a decrease in interest income due to lower interest rates during the period, the company said.
Revenues for the fourth quarter of 2008 totaled $3 million, as compared to $2.9 million during the same period in 2007, an increase of 5%.
Revenues for 2008 totaled $12.3 million, as compared to $21.1 million for 2007, a decrease of 42%. Net loss for 2008 totaled $14.8 million, or $0.32 per share, as compared to a net loss of $10.88 million, or $0.29 per share, for 2007, an increase of 36%.
Richard Katz, CFO of Icagen, said: “We recognize that many companies in our industry, including Icagen, face challenges resulting from the external economic environment. In light of this, we have evaluated our operating plan in order to identify cost savings opportunities, while still maintaining forward momentum and adding value to our programs.
“Additionally, we continue to work towards the establishment of a new collaboration for one of our programs, which we regard as our most important corporate priority.”