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Ciphergen Reports Incresed Revenue, Narrowed Losses in Q3

NEW YORK, Oct. 31 (GenomeWeb News) - Ciphergen Biosystems reported a decline in net losses of 34 percent year-over-year in its report on third quarter earnings released late yesterday afternoon.


Losses totaled $5.2 million, compared with $7.9 million in the year-ago period. Revenues also rose sharply at 57 percent, from $10.2 million in the third quarter of 2002 to $16.1 million in the quarter just ended. Ciphergen attributed this revenue increase to increased sales of its ProteinChip systems, automation products, and BioSepra process proteomics products. The company said in the report that it expected fourth quarter revenue to continue to rise to $19 million, and that it expected 2004 revenue to increase approximately 45 to 55 percent over 2003 total revenues.


The company's R&D spending dropped in the third quarter, to $5.4 million from $6 million in the year-ago period.


As of Sept. 30, 2003, Ciphergen said it had $49.3 million in cash, cash equivalents, and investments.


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