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Revenues, Losses Up at Ciphergen for Q1

SAN FRANCISCO, April 25 - Ciphergen Biosytems on Thursday posted increased revenues and a widened loss for the first quarter 2002.


For the three months ended March 31, the company reported revenues of $6.8 million, compared with $2.7 million in the same period one year ago.


Ciphergen also said that net losses widened to $7.2 million for the first quarter of 2002, compared with $6 million one year ago.


The company attributed the rise in revenue to increased sales of its ProteinChip Systems and Arrays, the inclusion of consumables revenue from Ciphergen's BioSepra Process Division, and increased services revenue.


R&D spending increased about $1.3 million year-over-year to approximately $3.9 million.


Ciphergen said it had $68.7 million in cash, cash equivalents, and investments in securities at the end of the first quarter 2002, down from $77.1 million for the same period one year ago.

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