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Innogenetics' First-Half '08 Revenues Rise 12 Percent

NEW YORK (GenomeWeb News) – Molecular diagnostics firm Innogenetics today reported that its first-half 2008 revenues rose 12 percent, but its net loss inched up 2.6 percent on restructuring and impairment charges.
The Gent, Belgium-based company brought in revenues of €30.6 million ($45.1 million) for the six-month period ended June 30, compared with revenues of €27.4 million in the first half of 2007. Innogenetics said that its diagnostic product sales rose 8.4 percent year over year to €25.8 million, driven by sales of infectious diseases and Alzheimer’s disease diagnostics.
The firm’s first-half net loss was €8 million, or €.26 per share, compared to a net loss of €7.8 million, or €.25 per share, for the comparable period a year ago.
The 2008 first-half results include €8 million in non-recurring restructuring and impairment charges related to the termination of the firm’s GENimmune therapeutic activities. It also includes a $9.5 million settlement with Abbott Laboratories, under which Abbott licensed rights to Innogenetics’ hepatitis C genotyping patents. Innogenetics said that it received all cash from the settlement during the first half of this year.
The firm finished the first half with €15.7 million in cash.
Innogenetics is in the process of being acquired by Solvay Pharmaceuticals for roughly $316 million. Gen-Probe had also bid to acquire Innogenetics but pulled out after Solvay raised its offering price for the firm.

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