Bruker's Losses, Revenues Rise in Q3
Bruker BioSciences this week reported revenues of $63 million for the third quarter ending Sept. 30, up over the $57 million reported for the year-ago quarter. The results reflected a charge of $6.4 million for the July 1 merger of Bruker Daltonics and Bruker AXS, and results from prior periods are historical combined reports of the two previously separate companies. This is the first quarter for which the report reflects numbers from the completed merger.
The company had a third-quarter net loss of $14.7 million, compared to a net income of $1.2 million for the year-ago quarter. Bruker reported R&D costs of $9.6 million for the quarter, compared to $7.7 million for the same quarter last year.
The company reported cash, cash equivalents, and short-term investments of $78 million for the quarter, as compared to $100 million for the year ago period.
Sales of life science mass specs were up 30 percent, with strength in MALDI TOF/TOF, new ion trap instruments, and the hybrid Q-q-FTMS driving most of the growth, according to the company.
“While we are still seeing the revenue and bottom-line effects of weaker demand for some of our product lines in the first half of 2003, we are very pleased with our continued rapid growth in life science mass spectrometry,” Bruker BioSciences CEO Frank Laukien said in a statement.
National Eye Institute to use Zyomyx System
Zyomyx said this week that the National Eye Institute would use the Zyomyx Protein Profiling Biochip System and its cytokine chip for its research into ocular disease (see story p. 1). The NEI will use the system to study inflammatory responses, autoimmune responses, and other diseases of the eye.
Further details of the agreement were not provided.
Matritech Revenues Up, Losses Down in Q3
Newton, Mass.-based Matritech reported a 49 percent increase in year-over-year revenue in the third quarter of 2003, which was mostly due to sales of its proteomics-based bladder cancer diagnostic test, the company said this week. Revenues were up to $1.2 million in Q3 2003 from $780,000 in Q2 2002. Revenue from the bladder cancer test grew 87 percent, to $610,000 compared with $330,000 in the year-ago period. Net losses were $1.8 million, down from $2.1 million in the third quarter of 2002.
Matritech spent $480,000 on R&D in the third quarter of this year, down from $520,000 in the same period last year. As of Sept. 30, the company had $3.4 million in cash and cash equivalents.
VC Firm Launches Chicago-based Structural Proteomics Company
Shamrock Structures, a Chicago-based structural proteomics startup, has secured an undisclosed amount of funding from early-stage venture capital firm Flavin Ventures, the company said this week.
Shamrock Structures will offer services in structural proteomics — such as protein cloning, expression, purification, and crystallization — via a special arrangement with Argonne National Laboratory that provides access to the Advanced Photon Source synchrotron.
“Our agreement with Shamrock Structures will allow us to more easily deliver Argonne’s powerful structural proteomics technologies to the marketplace,” said Andrej Joachimiak, head of the Structural Biology Center at Argonne National Laboratory.
Caliper and Molecular Devices Settle Suit
Sunnyvale, Calif.-based Molecular Devices announced this week that it had settled the patent infringement suit that Caliper filed against the company in 2002 for a one-time licensing fee plus royalties based on future sales of the disputed IMAP products. In return, Molecular Devices will have a non-exclusive license to sell IMAP.
Financial details were not disclosed.
Hybrigenics and Servier Sign Renewal on Drug Discovery
Hybrigenics and French pharma company Servier announced this week that they had renewed their collaboration to use Hybrigenics’ protein interaction PIM technology to optimize Servier’s anti-cancer drugs. As part of the agreement, Servier will provide Hybrigenics with an additional two years of funding, milestone payments, and royalties on any drugs commercialized as a result of the collaboration. Servier will get exclusive worldwide rights to develop and market any drugs resulting from the collaboration.
Financial terms of the agreement were not disclosed.
Under the previous agreement, Hybrigenics’ technology was used to map interactions involved in the apoptosis pathway, which led to the selection of potential anti-cancer targets.
Beckman's Revenues, Income Inch Up in Q3
Beckman Coulter’s revenue increased to $535 million year-over-year, from $501 million in 2002, the company reported late last week. Income also increased, to $40 million in Q3 2003 from $32.1 million in the year-ago period. R&D spending stayed flat at $47.4 million in the quarter just ended, compared with $47.8 million in the third quarter of 2002.
As of Sept. 30, Beckman Coulter had $64.8 million in cash and cash equivalents.
GPC Biotech Losses Drop, Revenues Flat in Q3
GPC Biotech reported a 1 percent increase in third-quarter revenues year-over-year and a drop in net losses to €5.7 million ($6.5 million) in Q3 2003 from €7.6 million in 2002. Revenues increased to €5.2 million compared with €5.1 million in the year-ago period. GPC Biotech revised its guidance for the full year 2003 to €25 to €27 million in net losses, down from the previous estimate of €33 to €38 million.
GPC's R&D expenses decreased 22 percent to €8.2 million compared with €10.1 million in the year-ago period. As of Sept. 30, GPC Biotech had €97.5 million in cash, cash equivalents, restricted cash, short-term investments, and marketable securities.
Labcyte Merges with Picoliter
Liquid-handling companies Labcyte LLC and Picoliter announced this week that they have merged to form Labcyte Inc., based in Sunnyvale, Calif. Elaine Heron, CEO of Picoliter, will take over as the merged company’s CEO, while Labcyte president Mark Bramwell will become vice president of corporate development.
“This merger allows the combined company to provide our customers with more complete solutions and to expand our sales and support organization more quickly,” Heron said in a statement.