BeadArray Install Boosts Illumina Revenues
San Diego-based Illumina last week reported revenues of $4.8 million for its second quarter ending June 29, compared to $1.9 million for the year-ago quarter, a rise reflecting the completion of the installation of one of its flagship BeadLab SNP genotyping platforms.
The fiber optic bead array maker, which last quarter also rolled out its Sentrix BeadChip arraying platform, has now signed five installation agreements for BeadLab, including three announced during the second quarter. The instrument is seen as the consumption engine that will drive the sale of the company’s oligos, reagents, and array products.
The company operated at a net loss of $8.6 million for the quarter, compared to $16.4 million for the year ago quarter. The company said it absorbed a $7.7 million one-time charge for damages and litigation expenses awarded when a jury agreed that the company wrongfully terminated Anthony Czarnik, its co-founder and former chief scientific officer.
The company reported quarter-end cash and equivalents of $58 million, compared to $73 million for the 2002 quarter. The firm reported R&D costs of $6.2 million, compared to $7.0 million for the year ago quarter.
Lark Technologies Revenues Up
Houston-based Lark Technologies, a genomics services provider, reported revenues of $533,000 for the second quarter ending June 30, compared to $400,000 for the same quarter 2002.
The company, which provides services — including microarray support — for pharmaceutical, diagnostic and ag product development researchers, said it had revenues of $2.3 million for the quarter, compared to $1.9 for the same period last year.
The company stock trades over the counter.
The quarterly numbers reflect tax savings on accumulated net operating losses through the second quarter and an increase in its high-throughput sequencing services, the company said.
Revenues Fall, Biacore Reports
Total sales fell 8 percent in the second quarter of 2003, Uppsala, Sweden-based Bioacore said in reporting its 2003 first half financials last week.
The company, which trades on Nasdaq, and the Stockholm Exchange, said it had sales of SEK 142 million ($17.3 million) for the second quarter, and SEK 249 million ($30.3 million) for the half year, a drop of 8 and 16 percent, respectively, compared with the previous year.
The company, which develops products based on surface plasmon resonance technology, said earnings per share increased “primarily as a consequence of the capitalization of product development expenses, tight cost controls, and lower taxes.” The company said it expects revenues for 2003 to be 5 percent below last year.
Biacore introduced a four-spot SPR-based biochip in the early 1990s.
Affymetrix Class Action Suit Continues in San Francisco Federal Court
While Affymetrix was preparing to present its second quarter results on Wednesday, class action suits filed on the company continued on a deliberate pace in Federal Court in San Francisco.
The case of Mohamed Hussain, Abdul Khader, Zubeida Khader vs. Affymetrix Corp., Susan Siegel, Gregory Schiffman, and John Young is scheduled to begin on Aug. 19, 2003.
According to court documents, the plaintiffs have asked the court to be appointed as lead plaintiffs.
A number of law firms in April filed suit against Affymetrix, charging that the company violated securities law and attempted to conceal a slowdown in sales.
The first milestone for the case is getting the court to agree on a lead plaintiff in the case, who would then represent the entire class.
Tm Bioscience Grants Options
Toronto-based Tm Bioscience last week said that its board of directors approved grants of stock options to officers and directors of the company. The company approved an aggregate of 1.4 million stock options at an exercise price of $0.40, and 132,652 at an exercise price of $0.26. The options have a term of 5 years and vest over a 4-year period.
Toyota affiliates, Others Expected to Participate in Biotech R&D Incubator
Some two dozen companies, including Toyota affiliates are banding together to create a biotechnology incubator in the area of the city of Nagoya, to be built by March 2005, according to a published report by the Kyodo News International agency.
Funding is expected to come from the Japan Regional Development Corp. Part of the research is expected to focus on biochips.