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Nanosphere's Revenues More than Double as Loss Drops 9 Percent

NEW YORK (GenomeWeb News) – Nanosphere reported after the close of the market on Thursday that its third-quarter revenues more than doubled due to grant and contract revenues and its net loss dropped 9 percent.

The Northbrook, Ill.-based molecular diagnostics firm brought in total revenues of $729,000 for the three-month period ended Sept. 30, compared to $283,000 for the prior year third quarter. Its contract and grant revenues were roughly $422,000 for the quarter compared to $73,000 the year before, while its product sales grew to $307,000 from $210,000 year over year.

Nanosphere's net loss for the quarter was $8.2 million, or $.37 per share, compared to $9 million, or $.41 per share, for the third quarter of 2008. The EPS matched analysts' consensus estimate for the quarter.

Its R&D expenditures declined 19 percent to $4.6 million from $5.7 million. The firm said that the drop was due to "completion of the initial development of the Verigene SP and cash conservation measures taken during the recent time of economic uncertainty."

Nanosphere's SG&A spending increased 3 percent to 43.5 million from $3.4 million year over year.

"In the past few weeks we achieved two significant milestones," Nanosphere President and CEO William Moffitt said in a statement. "These include FDA clearance of our influenza A & B and respiratory syncytial virus (RSV) test and the Verigene SP System, with complete sample-to-result automation, as well as the completion of a $37.8 million financing. Both these events place Nanosphere in an excellent position to bring our strong pipeline of new products through the FDA to the commercial market," he said.

Nanosphere finished the quarter with $50.3 million in cash and cash equivalents.

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