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Aclara Signs Procter & Gamble, Sees 4Q Revenues Decline

NEW YORK, Feb. 5 - Aclara BioSciences of Mountain View, Calif., has signed Proctor & Gamble as its first expert access customer, the company said today as it released its fourth quarter and year-end financial results.


"Completing our first expert access ageement is an important milestone for Aclara and we believe we are on track to sign up a number of additional pharmaceutical and biotechnology companies throughout 2003," Edward Hurwitz, the company's interim chief executive officer, said in an announcement.


For the quarter ending Dec. 31, Aclara declared revenues of $752,000, compared to $995,000 for the year-ago quarter. The company had revenues of $2.5 million for the year, compared to $3.2 million for 2001. Aclara reported a GAAP net loss of $7.1 million for the quarter, or $.20 a share, compared to a loss of $6.9 million, or $.19 a share, for the year-ago quarter. For the year, GAAP net loss was $37.2 million, or $1.04 a share, compared to a net loss of $29.0 million, or $.82 a share for 2001.


The company reported research and development expenses of $4.9 million for the quarter, compared to $5.5 million for the year-ago quarter, and $22.9 million for the year, compared to $21.9 million for 2001.


Aclara reported available cash, and investments, of $106.5 million at year's end. In October, the company launched the eTag Assay System, ending its efforts in microfluidics, and laying off 70 of its 170 employees, a move reflected in a $3.3 million restructuring charge in the year-end report.


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