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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (284)	7/26/2001 5:26:29 PM
From: tuck	Read Replies (1) \| Respond to of 1005

CIPH reports, this seems like a decent quarter considering the macro environment it's operating in: >>FREMONT, Calif., July 26 /PRNewswire/ -- Ciphergen Biosystems, Inc. (Nasdaq: CIPH - news) reported results for the second quarter of 2001. For the quarter ended June 30, 2001, total revenue increased 71% to $3.7 million, up from revenue of $2.1 million in the second quarter of 2000. The increase in revenue was due to increased sales of ProteinChip® Systems and Arrays as well as service revenue generated by Biomarker Centers(TM). Ciphergen's gross profit increased to $2.6 million in the second quarter of 2001, up from $1.2 million in the comparable period of 2000. Total operating expenses increased to $9.6 million (of which $1.0 million was deferred stock compensation) in the second quarter of 2001, up from $8.1 million (of which $3.7 million was deferred stock compensation) in the same period of 2000. The Company reported a net loss of $5.8 million in the quarter ended June 30, 2001, compared to a net loss of $6.6 million in the comparable period of 2000. For the first half of 2001, total revenue increased 74% to $6.3 million, up from revenue of $3.6 million in the comparable period of 2000. Ciphergen's gross profit increased to $4.3 million in the first half of 2001, up from $2.1 million in the comparable period in 2000. For the first half of 2001, total operating expenses increased to $18.7 million (of which $2.5 million was deferred stock compensation) from $11.8 million (of which $4.5 million was deferred stock compensation) for the same period in 2000. The Company reported a net loss of $11.8 million in the first half of 2001, compared to a net loss of $9.2 million for the comparable period of 2000. ``This quarter marked a significant leap forward for Ciphergen,'' commented William Rich, President and CEO of Ciphergen. ``First, we agreed to acquire BioSepra's chromatography business which will enable expansion of product sales in laboratory and process proteomics markets. Second, this was the first quarter in which we sold over 20 ProteinChip Systems, with demand particularly strong in the clinical proteomics market where biologists and physicians are involved in protein biomarker discovery. Third, we sold our first ProteinChip Tandem MS interface during the quarter, increasing our presence in research proteomics core laboratories. Finally, we entered into a collaboration with Invitrogen to develop a family of 'Genome to Proteome' protein analysis products.'' Highlights of the quarter included: -- Ciphergen announced that it had reached agreement to acquire the BioSepra chromatography business from Invitrogen for $12 million in cash. During 2000, the BioSepra business had sales of approximately $5.9 million, entirely derived from the large-scale process chromatography market, which is estimated to be a $240 million market. Together, Ciphergen and BioSepra intend to enter the roughly $1 billion laboratory scale and process scale bioseparations markets by offering a full line of protein purification products. -- In May, Ciphergen announced the introduction of an expanded product portfolio, including a ProteinChip interface to high-end tandem mass spectrometers that enables "on-chip," high performance protein identification, epitope and phosphorylation mapping and protein analysis. -- The U.S. Patent and Trademark Office issued to Ciphergen a patent directed to a novel protein expression profiling method, Expression Difference Mapping, used for protein biomarker discovery. Expression Difference Mapping enables the discovery of multiple protein biomarkers useful in predictive medicine, including disease diagnosis, toxicology assessment, clinical trial stratification, and drug target identification and validation. -- Ciphergen entered into a collaboration with Invitrogen Corporation designed to combine Ciphergen's proprietary ProteinChip System and Arrays with Invitrogen's world leading genomics and molecular biology products and know-how to create a family of biology products that accelerate "Genome to Proteome" discovery and development research.<< snip Cheers, Tuck