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Ciphergen s Q1 Revenues Surge Amid Widened Losses

NEW YORK, April 24 - Ciphergen Biosystems reported a sharp increase in year-over-year revenue for the first quarter today, and widened its losses slightly.


The Fremont, Calif., company's revenues for the quarter rose to $12.8 million, from $6.8 million in the first quarter of 2002. The company said the 88 percent revenue surve came from increased sales of its ProteinChip systems and arrays, and its BioSepra process proteomics products; as well as increased service activities.


Ciphergen's net losses widened to $9.1 million for the first quarter, from $7.6 million in the year-ago quarter.


R&D expenses increased to $6.4 million, from $3.9 million in the first quarter of 2001.

An increase in sales, general, and administrative expenses accounted for the remainder of the rise in expenses to $17.1 million, from $11.8 million in the previous year's period, and consequent widening of losses.


As of March 31, Ciphergen had $36.3 million in cash, cash equivalents and investments, compared to $42.5 million at the end of March 2002.

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