NEW YORK, May 4 (GenomeWeb News) - Shares in Nanogen were up 19.10 percent, or $.51, at $3.18 in mid-afternoon trading after the company reported a 45-percent jump in first-quarter revenue.
Posting its first quarter financials yesterday afternoon, Nanogen said total revenues increased to $3.2 million from $2.2 million year over year. Driving this growth was a surge in licensing fees, which grew to $1.7 million from $152,000 year over year.
It was the first quarter to include revenues from Epoch Biosciences, which Nanogen acquired in December 2004. Receipts from product sales, sponsored research, and contracts and grants all fell in the first quarter.
Nanogen said R&D spending for the three months ended March 31 increased to $4.9 million from $4.3 million in the year-ago period.
Net loss for the quarter jumped to $8.3 million, or $.17 per basic share, from $5.4 million, or $.20 per share, year over year.
Nanogen said it had around $12.7 million in cash and equivalents and $27.1 million in short-term investments as of March 31.