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Nanogen Posts Increased Losses in Q2

NEW YORK, July 31- Nanogen turned in a slight increase in revenues and a significant increase in losses during its second quarter, the company said Tuesday.

The company posted revenues for the most recent financial period of $2.7 million, up slightly from the $2.4 million in the second quarter last year. Nanogen attributed their revenue rise to sponsored research programs from the company's corporate alliances, contracts and grants with government agencies, and, to a lesser extent, sales of its NanoChip Molecular Biology Workstations and cartridges.

Nanogen also posted significant losses during this latest quarter, largely stemming from the settlement of a patent litigation suit involving Motorola, Genometrix, and the Massachusetts Institute of Technology. Nanogen reported $5.5 million in litigation and settlement expenses due to the suit.

Nanogen announced losses over the past quarter of $11.8 million, or 56 cents per share, compared to $4.1 million recorded in the year ago period. Minus expenses related to litigation and settlement charges, Nanogen would have posted $6.2 million in losses for the latest quarter, the company said.

Nanogen also announced an increase in operating expenses, recording $15.6 million in the second quarter compared to $7.9 million posted during the year-ago quarter. The company attributed this trend to charges related to the patent settlement and increased expenses from an expansion of its sales and marketing organization.

The company posted cash and cash equivalents of $20.4 million, down from the $55.3 million listed six months ago.

 

 

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