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Pyrosequencing s Q4 Revenues Jump on Sales of PSQ Sequencing System

NEW YORK, Feb 22 - Pyrosequencing, a manufacturer of DNA sequencing equipment based in Uppsala, Sweden, reported Thursday fourth quarter revenes ot $2.7 million, compared with $116,525 million in the year ago period, due to sales of the company's flagship product, the PSQ 96 DNA sequencing system.

For the year, net sales totalled $4.9 million, compared with $137,712 a year ago. Pyrosequencing launched the PSQ 96 DNA system last February and has since sold 53 of these systems and received orders for seven more.

"We believe that in the first year of sales we have established the PSQ 96 system as the dominant offering in the moderate throughput segment of the DNA sequencing market," Erik Wallden, CEO of Pyrosequencing, said in a statement.

Operating losses for the fourth quarter of 2000 widened to $3.1 million from $2.0 million in the fourth quarter of 1999. Total net losses stayed constant at $2.0 million compared to the year ago quarter. On a per share basis, net losses narrowed to six cents per share from 17 cents per share. The company reported 2000 losses of 32 cents per share, compared to net losses of 59 cents per share in 1999.

Purchasers of the PSQ 96 include the NIH, AstraZeneca, and GlaxoSmithKline. In addition to the PSQ 96, Pyrosequencing also offers a high throughput SNP detection technology known as the Preferred Technology Program. The Wallenberg Consortium North, a group of Swedish academic and public research institutions, is currently the lone subscriber.

As of December 31, 2000, Pyrosequencing said it had $41.3 million in cash and cash equivalents in the bank.

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