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Biotech / Medical : Sequenom, Inc. (SQNM)

SQNM 2.390

0.0%

Sep 8 5:00 PM EST

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To: Nav Toor who started this subject	10/8/2002 6:43:28 AM
From: nigel bates	Read Replies (2) of 364

SAN DIEGO, Oct. 8 /PRNewswire-FirstCall/ -- SEQUENOM, Inc. (Nasdaq: SQNM - News) today announced that it sold 10 MassARRAY(TM) systems during the third quarter of 2002, raising the Company's installed base of systems to 85. The MassARRAY system is SEQUENOM's industry leading technology platform for high-performance analysis of genetic variation. SEQUENOM's revenues for the third quarter are expected to be approximately $7.0 million. This includes MassARRAY systems, consumables and genetic service revenue from the genetic systems unit, and licensing income from the pharmaceutical unit. The Company expects total revenues for the year to be in the range of $32 to $35 million. The year-end cash position is expected to be approximately $100 million. SEQUENOM believes this represents sufficient funding to bring the genetic systems unit to cash flow breakeven by the fourth quarter of 2003 and sufficient funding for the overall Company through the end of 2005. SEQUENOM will provide further guidance for the fourth quarter during its quarterly conference call on Tuesday, October 29. "We are pleased to add leading U.S. genetic research institutions such as Stanford University and Leroy Hood's lab at the Institute for Systems Biology to our growing list of customers," said Toni Schuh, Ph.D., SEQUENOM's President and Chief Executive Officer. "We continue to experience support from our existing high-caliber customers, including an additional system purchase from the Whitehead Institute. This quarter also included increased business in the European market with multiple systems sold to top tier academic institutions."...

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