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Pyrosequencing Q1 Revenues Surge

NEW YORK, May 2 – Pyrosequencing of Uppsala, Sweden said Wednesday its first quarter revenues jumped six-fold to $1.9 million, compared with $300,000 in the year-ago quarter.

The SNP company linked revenue increases to 17 new sales of their PSQ 96 System during the quarter, compared to five instruments in the same quarter in 2000. Additionally, Pyrosequencing reported a rise in an installed base of 80 systems for applied genetic analysis worldwide.

The company’s expenses rose to $5.1 million from $2.7 million for the first quarter of 2000.

First-quarter net loss was $2.23 million, or 6 cents per share, compared with $2.37 million, or 9 cents a share, in the year-ago period.

As of the end of March, the company had $73.4 million in cash, cash equivalents, and investments in high-grade debt securities, including investments with maturity dates exceeding 12 months.

"We are off to a running start this year,” Pyrosequencing CEO Erik Wallden said in a statement. In addition to the sale of PSQ 96 Systems, Wallden also noted that the company signed a first customer to a new high-throughput SNP analysis program and introduced new software applications and reagent kits for sequence analysis.

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