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Sequenom Q4 Revenues Increase on Sales of MassArray System

NEW YORK, Feb 15 – Due to strong sales of its MassArray SNP analysis technology, Sequenom reported increased revenues for the fourth quarter and year-end Thursday

.Sequenom’s fourth quarter revenues totaled $3.7 million, compared with $98,000 for the year-ago quarter, and year-end revenues totaled $10 million, compared with $179,000 for 1999.

In 2000, Sequenom placed 22 MassArray systems in seven different countries. The company has signed partnerships to identify medically relevant SNPs in certain population groups with Incyte, GlaxoSmithKline, Gemini Genomics, the National Cancer Institute, and the University of Texas Southwestern Medical Center.

“2000 was the year of debuts for Sequenom," CEO Toni Schuh said in a statement.  "We initiated sales of our first product, the MassArray system, listed publicly on the Nasdaq stock market, and proved that full genome screens are possible.”

The company’s expenses for the quarter increased to $13.8 million, compared with $6.8 million for the same period in 1999.  For the fiscal year 2000, total costs and expenses were $47.2 million, compared with $22.9 million for 1999.  

Sequenom attributed these increased expenses to investment in its programs to validate genes and genetic markers, as well as increased in its sales, marketing and R&D staff.  

Sequenom’s R&D expenses increased to $6.8 million for the quarter, compared with $3.1 million in the same period of1999, and $19.1 million for the year, compared with $10.2 million for 1999. Sales, general, and administrative expenses nearly doubled for the quarter, to $4.6 million from $2.9 million for the fourth quarter of 1999, and for the year to $18.5 million from $8.2 million for 1999.

At the year-end, Sequenom had $138.4 million in cash assets, and $166.2 million in total assets.

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