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Nanosphere's Q3 Revenues Rise 42 Percent; Two Assays Filed with FDA

NEW YORK (GenomeWeb News) – Nanosphere reported after the close of the market that its third-quarter revenues rose 42 percent on sales of test cartridges for its Verigene System and that it had filed two of its assays for US Food and Drug Administration clearance.
 
Nanosphere brought in revenues of $283,231 for the three-month period Sept. 30, compared with revenues of $199,005 for the comparable period of 2007. The firm said Verigene System and test cartridge sales were $210,000 for the quarter compared to $195,000 in the second quarter of 2008 and $6,000 for the third quarter of 2007. It said those revenues came from test cartridge sales and rental agreements.
 
The Northbrook, Ill.-based firm’s revenue from contracts and government grants declined to $73,000 from $193,000 year over year.
 
“Although product revenue was up slightly on a sequential basis from the second quarter, we do not expect to see significant revenue growth until we expand our test menu,” Nanosphere President and CEO William Moffitt said in a statement. “Toward that end, we have filed FDA 510(k) submissions for two new products, a cystic fibrosis assay and a respiratory assay panel that tests for viruses including influenza A/B and RSV A/B.”
 
Nanosphere’s net loss dropped sharply to $9 million, or $.41 per share, from $27.1 million, or $30.80 per share, when the company was privately held. Last year’s Q3 results included $16.8 million in charges related to the value of its convertible derivative liability and its preferred stock warrants.
 
The company’s R&D spending declined 2 percent to $5.7 million from $5.8 million, and its SG&A spending dropped 23 percent to $3.4 million from $4.4 million.
 
Nanosphere finished the quarter with $83.7 million in cash and cash equivalents.
 
The molecular diagnostics company went public during the fourth quarter of 2007, raising gross proceeds of around $113 million.

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