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Nanogen Shares Down 6.7 Percent on Lackluster Q4 Revenues, Widened Losses

NEW YORK, Feb. 24 (GenomeWeb News) - Shares in Nanogen were down 6.67 percent, or $.29, at $4.07 in late-afternoon trading after the company yesterday reported a 51-percent fall-off in fourth-quarter revenue and an 89-percent increase in its net losses.

As GenomeWeb News reported last night, Nanogen said that fourth-quarter revenue fell to just over $1 million from $2.1 million during the same quarter in 2003. Product revenues were $410,000 for the fourth quarter of 2004, compared to $1.1 million for the prior-year period.

R&D costs for Q4 2004 were $5.2 million, a $700,000 increase in spending from $4.5 million during the same period one year ago.

Nanogen's net loss for the quarter amounted to $11.2 million, or $.31 per share, compared to a net loss of $5.9 million, or $.25 per share, during the fourth quarter of 2003.  

As of Dec. 31, 2004, Nanogen had a cash position of $51.9 million. Of that, $15.4 million is in the form of cash and cash equivalents, with the remainder in the form of short-term investments.

The firm's cash holdings benefited from a $5.7 million cash infusion after it  acquired Epoch Biosciences for $97 million in December 2004.

Howard Birndoff, Nanogen's CEO and chairman of the board, said in a statement that his company plans to increase revenues in 2005 by launching three new products that will be based on the product portfolios the company gained following the merger with Epoch, and an April 2004 merger with SynX.

Birndoff said he expected total revenue for 2005 would increase three-fold as compared to 2004.

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