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Ciphergen Reports 34 Percent Decline in Q3 Revenues, Narrowed Loss

NEW YORK (GenomeWeb News) – Ciphergen’s third-quarter revenues decreased 34 percent as R&D spending fell 6 percent and losses decreased 6 percent, the company said today.
Total receipts for the three months ended Sept. 30 decreased to $4.7 million from $7.1 million year over year. Ciphergen said most of that revenue came from sales of its ProteinChip arrays, SELDI instruments, and its biomarker development services.
R&D spending decreased to $2.9 million from $3.1 million year over year.
The company said losses declined to $7 million from $7.5 million in the year-ago period.
Ciphergen said it had around $15 million in cash and cash equivalents as of Sept. 30.
The company said that the third quarter was likely the last full quarter of revenue from its life science research business, which it is selling to Bio-Rad in a deal that was originally expected to close last week. Ciphergen did not provide an update on the timing of the sale.
Ciphergen said it does not anticipate having "significant revenue" following the sale until its diagnostic tests are commercialized. The company said its ovarian cancer diagnostic test will finish clinical trials and will await FDA review in the second half of 2007.
Until then, the company said it expects "significantly reduced" operating expenses in the fourth quarter due to its reduction in staff to 50 people.
Ciphergen said it has "sufficient" cash for the $4 million to $5 million it expects to spend quarterly over the coming year. 

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