This updated version serves to clarify a misstatement of fact made by a Sequenom official related to the company's cash position. Sequenom currently has $105 million in the bank and will burn roughly $35 million over the next 12 months.
NEW YORK, Oct. 9 - Sequenom will release a new product every six months and push its systems and consumables business into profitability by the end of next year, a company official said today.
For starters, Sequenom said that over the next three months it will launch a new SNP-discovery line of products that'll include tools for microbial identification and DNA methylation detection, said Toni Schuh, president and CEO.
In the first quarter of 2003 Sequenom will roll out a free-standing Rapid Thermocycler, which originally came bundled with the MassARRAY 20K and 200K systems. A few months after that, customers can expect to see a desktop MassARRAY tool that Schuh said will cost between $250,000 and $280,000 apiece.
On the business side, Schuh, who spoke to investors at the UBS Warburg global health-sciences meeting here this afternoon, said the company has around $110 million in cash today and expects to burn $35 million of that over the next 12 months.
Though Schuh spent a good part of his time behind the podium highlighting Sequenom's two distinct business units--systems and pharmaceuticals--his pause when asked whether the units will be formally separated was too long for comfort.
"The pharmaceutical business and the systems business are entirely different animals. Customers know they are distinct. They will go their own way," Schuh said cryptically. He declined to elaborate.