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Pyrosequencing Records Q3 Sales and Revenue Increase

SAN FRANCISCO, Oct. 24 – Pyrosequencing on Wednesday posted third-quarter revenues of $2.5 million compared to $1 million for the same quarter a year ago, the company announced.

The company credited an increase in sales of its PSQ 96 System and high throughput PTP systems for the revenue rise.

“We are pleased with our progress this quarter closing further sales of products based on our Pyrosequencing technology and achieving major advances in our molecular diagnostics business,” Erik Wallden, CEO of Pyrosequencing, said in a statement. “In addition to the more than 120 PSQ 96 Systems sold worldwide, we have sold several of our high-throughput systems.”

Pyrosequencing, based in Uppsala, Sweden, recorded a net loss of $2.4 million, or 7 cents per share, for the third quarter of 2001 compared to a loss of $800,000, or 3 cents per share, for the year-ago quarter. Operating expenses increased to $4.8 million for the third quarter of this year from $2.8 million in the same period in 2000.

As of September 30, 2001, Pyrosequencing had $65 million in cash and market securities.

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