Spin fails to spark for Genesis after $9.6 million loss

Genesis posted a $9.6 million loss, in line with its 2000 float forecast of $9.1 million. It presented a "bright side" by emphasising it had $47.9 million in cash, down from $61 million a year ago.

"All that demonstrates is that they've burned another $13 million of cash without generating any additional revenue," one analyst commented. Revenue fell $8.7 million to $20 million.

CEO Jim Watson said the company had reached agreement with the US Food and Drug Administration on the next phase of trials of its PVAC psoriasis vaccine.

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