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Nanogen Reports Drop in Revenues

NEW YORK, April 30 -- Nanogen reported revenues of $1.2 million for the first quarter ending March 31, down from $1.5 million for the same quarter last year.

 

The San Diego-based company commercializing the Nanochip assay platform recorded the sale of a partial system and revenues from the sale of cartridges and reagents for product revenues of $228,000, compared to $812,000 for the same quarter last year.

 

The company reported a net loss of $10.7 million, compared with a net loss of $7.5 million for the prior year's first quarter. It spent $4.7 million on research and development in the quarter, compared to $4.8 million for the year-ago quarter.

 

Nanogen reported $36.9 million in cash, cash equivalents and short-term investments as of March 31.

 

The company also reported that it some of the shares it holds of CombiMatrix Corporation, Acacia Research's majority-owned subsidiary, to generate $4.5 million in cash. The shares, acquired in a settlement of a patent dispute, were valued at $2.70 a share. Nanogen sold 3 million shares at $1.50 a share to raise $4.5 million in operating cash reserves, the company said. The company recorded a loss of $3.6 million on the sale.

 

The company said it expects to see savings of approximately $5 million in operating expenses in fiscal year 2003, after charges of approximately $500,000 associated with a layoff of 20 percent of its staff are recognized in the second quarter.

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