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Aclara Reports Flat Revenues, Widened Losses

SAN FRANCISCO, Nov. 7 - Aclara BioSciences today reported approximately flat revenue for the third quarter of 2002.

 

The company said its total revenue was $505,000 in the third quarter which ended September 30, compared to $507,000 in the same quarter of 2001.

 

Aclara reported a net loss based on generally accepted accounting principles of $11.2 million, or $.31 per share, in the third quarter 2002 compared to a net loss of $9.1 million, or $.26 per share, in the year-ago period. The company said the increased loss in part reflects higher costs associated with a focus on the commercialization of its eTag assay systems, a move the company said deemphasizes microfluidic product development and lead to the firing of approximately 50 employees.

 

R&D spending decreased to $5.4 million compared to $5.8 million in the same period a year ago.

 

Aclara also reported $85.2 million in cash, cash equivalents, and short-term investments at the end of September 2002.

 

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