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Nanogen's Q3 Revenues Rise 64 Percent

NEW YORK (GenomeWeb News) – Nanogen today reported revenue growth of 64 percent as the firm prepares to merge with French diagnostics firm Elitech Group.
 
Nanogen brought in total revenues of $13.8 million for the three-month period ended Sept. 30, compared with $8.4 million in the third quarter of 2007. Its product sales increased to $7.8 million from $5.5 million year over year, while its license fees slipped to $1.5 million from $1.8 million. The firm’s contracts and grants revenues increased sharply to $4.4 million from $1 million.
 
Nanogen cut its R&D expenses 36 percent to $4.8 million from $7.5 million, and its SG&A spending declined 13 percent to $8 million from $9.2 million.
 
The company posted a net loss of $6 million, or $.08 per share, compared with a net loss of $901,000, or $.01 per share, for the third quarter of 2007. Last year’s Q3 results included a $12.7 million gain tied to its investment in Finnish firm Jurilab.
 
Nanogen finished the quarter with $1.7 million in cash and cash equivalents.
 
Nanogen Chairman and CEO Howard Birndorf said in a statement that the firm’s “continuing improvement in business operations, combined with the planned merger with Elitech in early 2009, will complete the transformation of Nanogen into a profitable, global in vitro diagnostics company.”
 
The firm announced in August its planned merger into Elitech Group. Under the terms of the agreement, Nanogen said that Elitech shareholders are expected to receive shares of Nanogen common stock valued at €66.5 million ($98.5 million).
 

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