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Exiqon's Q3 Revenues Climb 11 Percent

NEW YORK (GenomeWeb News) – Danish genomics and molecular diagnostics firm Exiqon today reported that its third-quarter revenues rose 11 percent year over year.

The company posted sales of DKK30.1 million ($5.2 million) in the quarter ended Sept. 30, up from DKK27.1 million a year ago. Product sales totaled DKK20.7 million, up from DKK19.3 million a year ago. Service revenues were down slightly to DKK5.1 million from DKK5.3 million, and license-based revenues were up to DKK2.1 million from DKK1.2 million. Contract research revenues rose to DKK2.2 million from DKK1.4 million.

Exiqon Diagnostics revenues rose to DKK 1.9 million from DKK1.6 million a year ago. Contract research revenues totaled DKK2.2 million, up from DKK1.4 million, and license revenues increased to DKK2.1 million from DKK1.2 million.

The firm's R&D costs were DKK4.9 million, a 14 percent decrease from DKK5.7 million a year ago, and SG&A costs were up 4 percent to DKK14.2 million from DKK13.7 million.

Exiqon's net loss for the quarter narrowed to DKK700,000, or DKK.02 per share, from a net loss of DKK8.1 million, or DKK.23 per share, a year ago.

In November, Exiqon said, it anticipates launching more than 130 miRCURY LNA Universal RT microRNA PCR assays for detecting and quantifying human viral miRNAs. It also plans to introduce a new RNA sample preparation kit for blood serum and plasma.

In December, the firm expects the launch of a new cDNA synthesis kit for the reverse transcription of mRNA, longer ncRNA, and miRNA in one tube for downstream application in the miRCURY LNA Universal RT microRNA PCR system.

In December or January, the company plans to introduce its new Toxicology Focus microRNA PCR Panels with assays for rat, monkey, and dog miRNAs, Exiqon added.

For full-year 2012, Exigon expects DKK110 million to DKK115 million in revenues.

The company finished the quarter with DKK13.7 million in cash and cash equivalents.

In a statement, Exiqon CEO Lars Kongsbak said the firm sees continued organic growth in Europe and the rest of world. "We continue to strengthen our operations in North America and expect to have completed new hirings by year end -- in time to promote the upcoming expansion of our qPCR product portfolio."

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