Universal Biosensors, Inc. (Universal Biosensors), a in vitro diagnostics company, has reported total revenues of AUD3.12 million for the full year of 2008. It has also reported a net loss of AUD11.9 million, or AUD0.08 per share, for the full year of 2008, compared with the net loss of AUD8.8 million, or AUD0.07 per share, in the previous year-end.
Research and development expenses
Research and development expenses increased to AUD11,585,258 in 2008 from AUD7,157,216 in 2007.
General and administrative expenses
General and administrative expenses increased to AUD5,510,127 in 2008 from AUD4,226,757 in 2007.
Research and development income
Our research and development income for 2007 and 2008 was AUD1,192,015 and AUD1,170,190, respectively recognized pursuant to the Development and Research Agreement.
Interest income increased from AUD1,440,102 in 2007 to AUD2,542,060 in 2008.
The company received an initial non-refundable fee of AUD1,131,222 in January 2008 in consideration for the grant of certain rights to LifeScan pursuant to the Master Services and Supply Agreement. This revenue is recorded under the caption “Other income” in the consolidated statements of operations.