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Biotech / Medical : Illumina (ILMN) Optics for Genomics -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (22)	4/18/2002 9:17:51 PM
From: mopgcw	Read Replies (1) \| Respond to of 276

Illumina Reports Financial Results for First Quarter 2002 SAN DIEGO--(BW HealthWire)--April 18, 2002--Illumina, Inc. (Nasdaq: ILMN - news) announced today its financial results for the first quarter ended March 31, 2002. For the quarter ended March 31, 2002, the Company reported a net loss of $8.7 million, or $0.28 per share, compared to a net loss of $4.9 million, or $0.17 per share, in the first quarter of 2001. Revenues for the first quarter were $1.3 million, compared to $0.6 million for the same quarter in 2001. Cash and investments at March 31, 2002 totaled $87.8 million. According to Jay Flatley, President and CEO, ``Illumina made important strides in the first quarter, signing five commercial genotyping service agreements and building a base for strong revenue growth going forward in our services business. We also made further operational improvements in oligonucleotide manufacturing, enabling us to more fully deploy our price leadership strategy to expand our oligo market position.'' Flatley added, ``Illumina continues to scale up production capability for our Sentrix(TM) array matrices in anticipation of the projected mid-2002 introduction of a high-throughput genotyping system which will be marketed by our partner, Applied Biosystems.'' Other Quarterly Highlights Illumina was awarded a $1.2 million Phase 2 grant from the National Cancer Institute to develop a highly multiplexed protein profiling system. The grant will help Illumina extend BeadArray(TM) technology to the measurement and characterization of proteins and their post-translational modifications. Illumina's BeadArray platform was highlighted in a research paper accepted for April publication in Nature Biotechnology, a peer-reviewed scientific journal. The paper reports results of a new, high-throughput assay method -- conducted on our Sentrix array -- for developing expression profiles of alternative splice variants of genes associated with cancer. The Company secured a non-exclusive, worldwide license from Amersham Bioisciences under five fundamental patents involving engineering designs and methods for confocal scanning for use with the BeadArray product line. Now under development, Illumina's Sherlock(TM) scanner is targeted for a yearend introduction as part of a complete genetic analysis system that will be directly marketed for applications including gene expression profiling and proteomics. Illumina is developing next-generation tools for the large-scale analysis of genetic variation and function. The information provided by these analyses will enable the development of personalized medicine, a key goal of genomics and proteomics. The Company's proprietary BeadArray technology will provide the throughput, cost effectiveness and flexibility necessary to enable researchers in the life sciences and pharmaceutical industries to perform the billions of tests necessary to extract medically valuable information from advances in genomics. This information will correlate genetic variation and gene function with particular disease states, enhancing drug discovery, allowing diseases to be detected earlier and more specifically, and permitting better choices of drugs for individual patients. Illumina's technology will have applicability across a wide variety of industries beyond life sciences and pharmaceuticals, including agriculture, food, chemicals and petrochemicals.