NEW YORK (GenomeWeb News) — Ciphergen’s fourth-quarter revenues plunged 440 percent as R&D spending fell 9 percent and losses decreased 80 percent, the company said today.
Total receipts for the three months ended Dec. 31 decreased to $1.2 million from $6.6 million year over year.
Ciphergen said its only revenue in the fourth quarter came from the sale of instruments and tools before it sold its life sciences business to Bio-Rad Laboratories last November.
R&D spending decreased to $2.7 million from $3 million year over year.
The company said losses declined to $1.9 million from $9.2 million in the year-ago period.
Ciphergen said it had around $17.7 million in cash and cash equivalents as of Dec. 31.
Since the sale of its life sciences business, the company is “focused on leveraging our proteomics and biomarkers to build a leading diagnostics company,” CEO Gail Page said in a statement.
Page said the company has three tests, including an ovarian triage test, in validation and clinical studies, and other potential diagnostics.
Ciphergen said it does not expect to see any revenue until those diagnostics become marketed.
The company, which has a staff of 40 after the Bio-Rad deal, said it expects expenses to be “substantially reduced” in 2007 and said it plans to use about $5 million of its cash reserves in the first quarter.