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Nanogen s Q2 Revenues Almost Triple, Loss Narrows

NEW YORK, Aug. 3 (GenomeWeb News) - Nanogen yesterday reported a jump in revenues and narrowed losses for the second quarter of 2005.

 

The company's revenues for the quarter almost tripled, to $3.1 million from $1.1 million during the same period last year. Product revenues were $1.1 million of the total, up from $500,000 during the year-ago period. "We have built a good foundation on which new products and further acquisitions can be added. We are eagerly anticipating the shipment of new products later this fiscal year that will help us grow our revenue base and set the stage for significant growth during 2006," said CEO Howard Birndorf in a statement.

 

Research and development costs increased to $5.2 million from $4 million during last year's second quarter.

 

The company reported a net loss of $9.7 million, or $.20 per share, for the quarter, down from $12.9 million, or $.39 per share, for the same period in 2004.

 

As of June 30, Nanogen had $18.8 million in cash and cash equivalents and $13.1 million in short-term investments.

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