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Ciphergen s Q4 Revenues Increase While Losses Widen

NEW YORK, Feb 15 – Buoyed by strong sales of its ProteinChip systems, Ciphergen reported $3 million in fourth quarter earnings, up from $2 million in 1999, while losses widened to  $4.9 million, from $1.9 million for the year-ago quarter.

Ciphergen’s total revenues for 2000 increased 78 percent, to $8.9 million, from $5 million in 1999.

The company sold 19 ProteinChip systems in the fourth quarter of 2000, and 56 protein chip systems during the year. This brings the number of protein chip systems to 128.

"In 2000, Ciphergen completed a successful IPO and generated record growth, not just in revenue and system placements, but also in laying the foundation for the future," said William Rich, Ciphergen CEO, in a statement "We invested aggressively in our sales and R&D organizations, and expect that this investment will start to have a major impact during 2001 and beyond." 

Ciphergen’s expenses increased for the fourth quarter to $8.7 million from $3.2 million for the year ago quarter. Research and development increased to $2.6 million from $901,000, and sales and marketing expenses rose to $2.8 million from $1.3 million. General and administrative expenses also increased, to $3.2 million from $996,000.

These fourth quarter expense increased followed the trend for the year. Total expenses for the year more than doubled to  $ 28,1 million up from $11.3 million for 1999. Ciphergen’s losses also rose significantly, from  to $4.9 million from $1.9 million for the year-ago quarter, and to $47.5 million from $8 million for 1999. Net loss for the quarter was 19 cents per share, two cents more than Wall Street’s expected loss of 17 cents per share, according to a survey of three brokers conducted by FirstCall/Thomson Financial.

Ciphergen currently had $107.6 million in cash and cash equivalents as of December 31, 2000.

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