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Nanogen Revenue Decline Continues in Q3 as Net Loss Widens 32 Percent

NEW YORK, Nov. 3 (GenomeWeb News) - Nanogen has reported third-quarter revenue of $1.1 million, down from $1.7 million in the comparable period a year ago.

 

The results match the revenue and related decline that the firm posted in the second quarter of 2004. Product revenue for the three months ended Sept. 30 fell to $671,000 from $752,000 for the third quarter of 2003.

 

Nanogen's net loss grew to $9.4 million, or $.28 per share, from $7.1 million, or $.33 per share, for the third quarter last year. The results include the first full quarter of activity related to its SynX subsidiary, which the firm acquired in April.

 

The San Diego-based microarray and diagnostics firm reported a slight increase in research and development spending to $4.5 million from $4.3 million in the third quarter of 2003. It finished the quarter with $53.1 million in cash, cash equivalents, and short-term investments.

 

Nanogen is in the process of acquiring Epoch Biosciences in an all-stock transaction valued at roughly $60 million. Shareholders of both firms are scheduled to vote on the merger on Dec. 8, and the merger partners expect to complete the deal by the end of the year.

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