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Ciphergen Posts Q2 Revenue Growth, Ballooning Net Loss

NEW YORK, July 24 - Ciphergen Biosystems today reported string growth in second-quarter revenue atop increased R&D spending and widened net loss.


Revenue for the period ended June 30 surged to $14.3 million from $8.7 million in the year-ago period. Ciphergen attributed the increase to greater sales of its ProteinChip systems and arrays, its automation accessories, and from its BioSepra process proteomics products.


R&D spending also saw an increase in the second quarter, to $7 million from $4.7 million in the same period last year.


Second-quarter net loss swelled to $15.6 million, or $.56 per share, from $4.7 million, or $.7.3 million per share, year over year. Ciphergen said a contributing factor of the increased loss was $7.3 million in litigation fees as part of a settlement with LumiCyte.


As GenomeWeb reported at the end of May, Ciphergen, LumiCyte, and Molecular Analytical Systems settled their lawsuit over a mass-spectrometry technology called SELDI-TOF.


Under the terms of the settlement, Ciphergen will pay Molecular Analytical Systems revenue-based royalties of up to $10 million over 10 years. Ciphergen will also issue about 1.25 million shares to LumiCyte and pay the company about $3 million in cash.


In return, Ciphergen will gain access to Molecular Analytical's exclusive worldwide patent rights to surface enhanced laser desorption ionization time-of-flight mass spectrometry, or SELDI-TOF-MS.


Ciphergen said it had around $28.2 million in cash, cash equivalents, and investments as of June 30.

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