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Ciphergen Issues Q4 Warning, Shares Plummet

NEW YORK, Jan 8 -   After protein chip maker Ciphergen announced its fourth quarter revenues would be 10 to 15 percent lower than it had originally expected, the company’s stock took a dive in Monday trading, closing 30 percent lower than its opening price.

The stock closed at 8 5/16, down 3 9/16 after the company announced Monday morning that it would only post $3 million in revenues for the fourth quarter because certain orders had been delayed.  

" System sales reached a new quarterly high, despite the fact that several anticipated orders to the NIH (National Institutes of Health) and to academic customers which are dependent on funding through NIH grants were negatively impacted during the quarter by the political uncertainty in Washington which led to the NIH budget for its fiscal year beginning October 1 not being approved until the final weeks of December," Ciphergen CEO William Rich said in a statement.

This downturn comes just three months after Ciphergen’s September 29 Initial Public Offering, where shares were initially priced at $14 to $16 a share but rocketed to $34 ½ in the first day.

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