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Ciphergen CEO Steps Down as Company Restates Q2 Earnings, Posts 16-Percent Decline in Q3 Revenues

NEW YORK, Dec. 21 (GenomeWeb News) - Ciphergen Biosystems today restated its second-quarter earnings to reflect the "improper recognition" of $552,000 in revenues that its audit committee identified in mid-November.

The company also reported a 16-percent decline in its third-quarter revenues and announced several executive management changes.

Effective Dec. 31, William Rich will retire as CEO and as a member of the company's board of directors, while Gail Page will be promoted from president and COO to president and CEO and a member of the board. In addition, James Rathmann has been appointed executive chairman of the company and John Young will act as lead outside director.

"The restatement was a distracting event for the company, but we have been making appropriate changes to our internal controls and we are now focused on moving forward with the business," Page said in a statement.

For the second quarter of 2005, which ended June 30, Ciphergen reported restated revenues of $6.9 million as compared to the previously reported $7.5 million. The company said that the adjustment caused its reported net loss for the period to increase by $354,000 to $9.4 million.

For the third quarter of 2005, which ended Sept. 30, Ciphergen's total revenue fell to $7.1 million from $8.5 million in the third quarter of 2004.

The company's third-quarter R&D spending fell year-over-year to $3.1 million from $4.3 million in the third quarter of 2004.

Ciphergen narrowed its third-quarter net loss to $7.5 million from $9.5 million in the third quarter of 2004.

As of Sept. 30, Ciphergen had $28.9 million in cash and cash equivalents.

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