Nuvelo Announces Second Quarter 2003 Financial Results and Accomplishments.

Publication: PR Newswire

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COPYRIGHT 2003 PR Newswire Association LLC

SUNNYVALE, Calif., July 31 /PRNewswire/ -- Nuvelo, Inc. today announced results for the second quarter ended June 30, 2003.

For the three months ended June 30, 2003, Nuvelo reported a net loss of $16.3 million or $0.26 per share compared to a net loss of $8.1 million or $0.37 per share for the same period in 2002. The net loss increase of $8.2 million was primarily attributed to a one-time expense charge of $5.0 million related to the termination of a lease associated with one of our facilities, and reduced revenue related to the completion of the company's agricultural gene discovery collaboration with BASF Plant Science LLC in January 2003. Revenues for the second quarter of 2003 were approximately $0.4 million, compared to revenues of $6.7 million for the same period in 2002. For the six months ended June 30, 2003 Nuvelo reported a net loss of $29.9 million or $0.53 per share, compared to a net loss of $27.0 million or $1.32 per share for the same period...

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