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Nanogen's Q4 Revenues Rise 80 Percent as Losses Decline 84 Percent

NEW YORK (GenomeWeb News) — Nanogen yesterday said fourth-quarter revenues increased 180 percent as R&D spending remained flat and net losses decreased 84 percent.
 
Total receipts for the three months ended Dec. 31, 2006, increased to $8.7 million from $3.1 million year over year.
 
The company said product-related revenue increased around 150 percent to $3.5 million, and income from licensing and royalties increased 65 percent to $2.4 million. Revenue from contracts and grants increased 175 percent to $1.1 million.
 
R&D spending was flat at $6.6 million compared with $6.4 million year over year.
 
The company said losses declined to $11.2 million from $69.7 million in the year-ago period.
 
Nanogen said it had around $11.2 million in cash and equivalents and $13.9 million in short-term investments as of Dec. 31.
 
The company said it expects revenue to grow more than 50 percent in 2007.  President and COO David Ludvigson said the company expects “solid double digit growth as we achieve milestones” that include submitting assays for the NanoChip 400 with the US Food and Drug Administration and introducing “new, easy to use rapid tests.”

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