In the first quarter we met several of our key corporate objectives. We completed negotiations on a very important research collaboration with a biotech company, presented data from our research related to osteoporosis and obesity at two important scientific conferences, established a European distribution agreement for our Heart Health test product and continued to develop the infrastructure necessary to create our own brand of genetic test products, said Lewis H. Bender, chief executive officer.
Looking ahead to the rest of the year, we are preparing to launch our own genetic test brand, and continue to hold discussions with companies regarding partnering opportunities for our various programs, products, intellectual property and genetic biomarker expertise.
Research and development expenses were $0.9 million for the Q1 2009 compared to $0.8 million for the same period in the prior year. The increase is primarily attributable to ongoing costs associated with our patent portfolio. Further, the company continue to allocate resources to projects underway with Alticor as well as the development of our own genetic test products.
Selling, general and administrative expenses were $2.0 million for the Q1 2009, compared to $2.1 million for same period in the prior year. The decrease was primarily attributable to reduced expenses related to consulting partially offset by increased advertising and promotional expenses plus increased expenses relating to increased headcount.
As of March 31, 2009, the company had cash and cash equivalents of $1.7 million. In addition, the company has access to $10.3 million under credit facilities with Alticor.
