Ciphergen Forecasts Disappointing Q2 Revenues, Plans Cuts in Biosystems Business

Ciphergen Biosystems announced late Wednesday night that it expects a significant drop in revenues for the second quarter and that it plans to cut costs in its Biosystems division. The company’s stock plunged to a low of $3.95 per share on the heels of the news, a 40 percent drop in value from its Wednesday close of $7.32.

Ciphergen estimates revenues of $10 to $11 million for the quarter ending June 30, down from $14.3 million during the same period last year.