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Nanophere's Product Sales Offset Lost Contracts, Lower Grant Revenue in Q2

NEW YORK (GenomeWeb News) – Nanosphere reported after the close of the market on Tuesday that its second-quarter revenues declined around 2 percent year over year, as a 60 percent increase in product sales largely made up for its loss of grant and contract revenue.

The Northbrook, Ill.-based molecular diagnostics firm brought in total revenues of $509,000 for the three-month period ended June 30, down from $517,000 for Q2 2010.

All of its revenues came from product sales, compared with $319,000 in product sales for the year-ago period. Nanosphere received no grant or contract revenues in the quarter compared to $198,000 from grants and contracts in Q2 2010.

The firm's net loss for the quarter was $8.4 million, or $.23 per share, compared to a net loss of $13.8 million, or $.50 per share, for the second quarter of 2011. That loss beat analysts' expectations of a loss of $.26 per share.

Nanosphere said the drop in its net loss was due largely to litigation costs and a legal contingency reserve it incurred in the year-ago period related to a patent dispute with Eppendorf.

Nanosphere's R&D spending was flat year over year at $4.6 million, while its SG&A spending was cut 57 percent to $3.9 million from $9.1 million.

"We are focused on menu expansion, building a loyal and engaged customer base and growing our market presence," Nanosphere President and CEO William Moffitt said in a statement.

Nanosphere finished the quarter with cash and cash equivalents of $54.5 million.

The company closed a public offering in May that raised net proceeds of $32.2 million.

In early morning trading on Wednesday on Nasdaq, shares of Nanosphere were down almost 3 percent to $1.43.

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