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Nanogen to Record $50M-$60M Charge in Q4 Related to Epoch Acquisition

NEW YORK, Feb. 14 (GenomeWeb News) - Nanogen will record a non-cash accounting charge of between $50 million and $60 million for the quarter ended Dec. 31 relating to a change in goodwill accounting as part of its December 2004 acquisition of Epoch Biosciences.

 

The company said an increase in Nanogen's stock price between the day the acquisition deal was signed and the day it closed was a "significant factor" in the adjustment, according to a statement filed yesterday with the US Securities and Exchange Commission .

 

Nanogen said the stock-based valuation of the transaction increased by approximately $35 million.

 

The company expects to announce "within a week" a date for its fourth-quarter earnings release.

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