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Nanogen to Restate Loss for Q1 2008

NEW YORK (GenomeWeb News) – Nanogen disclosed in a regulatory filing with the US Securities and Exchange Commission today that it will restate its net loss for the first quarter of 2008 due to an accounting error.
 
As a result of the restatement, Nanogen’s net loss for the quarter ended March 31 will be $26.4 million rather than the $23 million it previously recorded.
 
The error relates to the application of an anti-dilution adjustment of warrants connected to a convertible note offering that was restructured at the end of the first quarter, said Nanogen. The firm said that the non-cash adjustment affects only its results from the first quarter.
 
 
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