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Despite Revenue, Stock Declines, Ciphergen s ProteinChip Business May Rebound

This article has been updated from an earlier version to include share price and details.

NEW YORK, Nov. 2 (GenomeWeb News) - Shares in Ciphergen Biosystems came to within 3 cents of their 52-week low in late-afternoon trade today after the company reported a 30-percent decline in third-quarter revenue and a nearly doubled net loss.

The stock was down 6.95 percent, or $.26, at $3.48 as investors fretted that the company's flagship ProteinChip mass spectrometry systems and BioSepra process chromatography products were losing strength in the marketplace.

 

But a research report released by Pacific Growth Equities today was optimistic, saying that Ciphergen's core business "appears to be strengthening" with 27 ProteinChip placements in the third quarter. Ciphergen said the placements included 19 of the company's newly released Series 4000 ProteinChip system.

 

The decline in share price also comes four days after Ciphergen said it will sell its BioSepra business to Pall for $32 million.

 

Pacific Growth said the BioSepra sale would infuse Ciphergen with "much needed cash" and give it an additional 12 months of "breathing room" and "leverage" to close diagnostic partnerships.

 

Revenues for the three months ended Sept. 30 totaled $11 million, down from $16 million during the same period last year, Ciphergen reported on Monday after the market closes.

 

R&D expenses declined to $4.7 million from $5.4 million during the year-ago quarter.

 

Ciphergen's loss for the quarter widened to $9.5 million, or $.33 per share, almost twice as much as last year's loss of $5.2 million, or $.18 per share, during the third quarter.

 

As of Sept. 30, Ciphergen had $19 million in cash, cash equivalents, and investments in securities.

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