NEW YORK (GenomeWeb News) – Nanosphere today posted a 56 percent slide in first-quarter revenues that it attributed to delays in regulatory clearance for its new products.

The company reported total revenue of $255,000 for the three-month period ended March 31, 2009, compared to $576,000 in the prior-year period.

For the first quarter of 2009, all of the company's revenues were from product sales. For the prior-year quarter, Nanosphere reported $303,000 in product sales and approximately $273,000 from government grants and contracts.