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Innogenetics' Nine-month Revenues Increase 6 Percent; Solvay's Stake at 95 Percent

NEW YORK (GenomeWeb News) – Innogenetics today said that its revenues for the first nine months of 2008 increased around 6 percent to €43.1 million ($54.9 million) from €40.8 million year over year.
 
The molecular diagnostics firm, which is in the process of being acquired by Solvay Pharmaceuticals, said that its diagnostics revenues increased around 6 percent for the first nine months of the year, though they decreased by nearly the same amount for the third quarter. It said that diagnostic products sales have been driven primarily by tests for infectious diseases, Alzheimer’s disease, and genetic conditions. The firm said that it “continues to feel competitive pressure in the area of HLA tissue typing.”
 
Innogenetics reported an operating loss of €23 million for the nine-month period, due partly to €18.1 million in non-recurring restructuring and impairment losses.
 
Innogenetics noted that its shares are expected to be delisted on Dec. 12 from the Euronext Brussels exchange. Shareholders have tendered 95.33 percent of Innogenetics’ shares to Solvay, which outbid Gen-Probe with a €200.7 million offer for 100 percent of Innogenetics’ outstanding shares.
 
 

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