Subject: Cambridge Bioscience Posts Wider Deficits For 4th Quarter, Year
Date: Published: 3/27/89 (32 lines)
Source:  Wall Street Journal.  Copyright Dow Jones & Co. Inc. 

    Cambridge Bioscience
    Posts Wider Deficits
    For 4th Quarter, Year

    WORCESTER, Mass. -- Cambridge Bioscience Corp., citing
 increased expenses related to research on the testing of
 acquired immune deficiency syndrome, reported wider losses
 for both its fourth quarter and year ended Dec. 31.
    The biotechnology concern said it had a loss of $2.2
 million in the fourth quarter, compared with a year-earlier
 deficit of $1.6 million.  Revenue increased 15% to $999,053
 from $869,651.
    For the full year, it had a loss of $7.6 million, compared
 with a $4.5 million deficit the previous year.  Revenue
 totaled $4.2 million, up 16% from $3.6 million in 1987.
    The company said part of its revenue increase came from
 interest it received on the $24 million it raised last June
 through a public stock offering.  It also said its losses were
 mostly due to expenses related to the hiring of additional
 staff and clinical tests in preparation for sales of its
 Recombigen (R) AIDS diagnostic test and other products.
    Despite its losses, the company said that as of Dec. 31,
 it had about $31 million in cash and short-term investments.

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