NEW YORK (GenomeWeb News) - Ciphergen Biosystems this week said it had no revenue in the first quarter of 2007, while R&D spending was down 23 percent and net loss improved by 12 percent.
The company also said its planned name change to Vermillion will take effect on Aug. 27, when it also will begin trading under the symbol VRML.
Ciphergen claimed no revenue for the three months ended June 30, compared with $5.9 million in the same period last year. The company's sales evaporated over the course of the last year after the company sold its proteomics tools business to Bio-Rad last November.
"Going forward, the company does not anticipate having revenue until its diagnostic tests are commercialized," the company said in a statement.
Research and development spending fell to $2.2 million from $2.9 million
The company has three tests in validation and in clinical studies, including an ovarian cancer triage test for which it expects to receive US Food and Drug Administration approval some time this year; a test for thrombotic thrombocytopenic purpura, a hematologic disease that causes abnormal clotting; and a test for peripheral arterial disease.
The company said net loss dropped to $6.8 million from $7.7 million.
Ciphergen finished the quarter with around $9.6 million in cash and cash equivalents.