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Nanosphere's Q4 Loss Rises on Higher Expenses

NEW YORK (GenomeWeb News) – Nanosphere reported after the market closed Thursday that its fourth-quarter revenues dipped slightly while its net loss jumped 56 percent on higher SG&A costs.
The Northbrook, Ill.-based molecular diagnostics firm, which went public through an IPO in early November, said that its revenues for the three-month period ended Dec. 31 were $188,186 compared to $203,345 in the fourth quarter of 2006. Most of its revenues were from grants and government contracts.
The company’s net loss increased to $11.7 million, or $.84 per share, from $7.5 million, or $8.08 per share, a year ago, when it was a privately held company.
Nanosphere’s R&D spending was relatively flat at $5.5 million versus $5.4 million in the comparable period of 2006, while its SG&A costs nearly tripled to $3.8 million from $1.3 million. The firm has been building up its sales and marketing force to support initial sales of its Verigene System and molecular diagnostic assays.
The company’s Verigene platform, a hyper-coagulation panel that runs on the system, and a warfarin metabolism test were all cleared for US marketing by the Food and Drug Administration during the third quarter of 2007.
For full-year 2007, Nanosphere had revenues of $1.2 million, up from $1.1 million in 2006. Its net loss increased to $59.2 million, or $14.16 per share, from $45.7 million, or $52.78 per share, year over year.
Nanosphere’s 2007 R&D spending was $21.4 million versus $17.4 million in 2006, while its SG&A costs rose to $13.4 million from $5.4 million.
The firm finished the year with $114.3 million in cash.

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