NEW YORK (GenomeWeb News) - Ciphergen today said second-quarter losses narrowed despite a 24-percent drop in second-quarter revenue.
The narrowed loss together with news that Bio-Rad will acquire its proteomics instrument business caused shares in Ciphergen to climb 11 percent, or $.11, to $1.09 in mid-afternoon trading.
Ciphergen reported $5.3 million in revenues for the quarter ended June 30, down from $6.9 million during the same quarter a year ago.
Ciphergen’s R&D expenses for the quarter declined 21 percent to $2.9 million from $3.6 million during the same period a year ago.
The company’s net loss shrank to $7.7 million from $9.3 million in the year-ago period.
As of June 30, Ciphergen had $20.6 million in cash, cash equivalents, and short-term investments.