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Nanosphere Q4, FY 2009 Revenues Rise

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Nanosphere reported after the close of the market Wednesday that its fourth-quarter revenues rose to $828,000 from $313,000 year over year.

The Northbrook, Ill.-based molecular diagnostics firm reported a net loss of $9.1 million for the three-month period ended Dec. 31, versus $9.4 million for Q4 2008. It did not provide its loss per share for the quarter.

Nanosphere's R&D spending decreased 20 percent to $4.8 million from $6 million, while its SG&A spending increased 32 percent to $4.1 million from $3.1 million.

For full-year 2009, Nanosphere's revenues increased 57 percent to $2.2 million from $1.4 million. It said that $1 million of the 2009 revenues is attributable to an assay development contract with a major pharmaceutical firm.

"Having launched the Verigene SP with sample-to-result functionality and our first infectious disease assay, a respiratory virus panel, we are now serving hospital laboratory testing needs more broadly," Nanosphere President and CEO William Moffitt said in a statement.

The firm's net loss for the year declined to $33.9 million, or $1.46 per share, from $37 million, or $1.67 per share.

Its R&D spending for 2009 dropped to $18.6 million from $23.7 million, and its SG&A spending increased to $14.5 million from $13.6 million.

Nanosphere finished the year with $76.7 million in cash and cash equivalents.

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