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Nanogen's Q2 Loss Widens 45 Percent Though Product Sales Swell 273 Percent

NEW YORK (GenomeWeb News) – Nanogen said today that second-quarter revenues more than doubled as a result of products gained from its acquisitions, but losses widened 45 percent in integration costs.
 
Receipts for the second quarter more than doubled to $6.3 million from $3.1 million in the same quarter last year.
 
In segment results, revenue from product sales surged 273 percent to $4 million, license fees increased 12 percent to $1.8 million, and revenue from contracts and grants rose 11 percent to $481,000, Nanogen said.
 
The products gained from acquiring Spectral Diagnostic’s cardiac test business and Amplimedical drove the increase in product revenue, Nanogen said.
 
The company spent about $6.6 million on R&D in the second quarter, up 27 percent from $5.2 million in the comparable period last year.
 
Nanogen also said net loss increased 45 percent to $14 million from $9.7 million in Q2 2005.
 
The company recorded $1.3 million in non-cash share-based compensation expenses and $2.9 million in integration expenses for Jurilab, Amplimedical and Spectral this quarter, which resulted in the higher loss for the quarter. These expenses were not included last year.
 
As of June 30, Nanogen had approximately $18.6 million in cash, cash equivalents, and short-term investments.

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