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To: Johnny Canuck who wrote (40544)	12/30/2003 8:36:08 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69262

NGEN CC notes Oct 2003: -raised 7 mill recently in private placement - 32 mil in cash -burned 4 mil last Q -10 workstation placements last Q -have holding in a biotech testing company for pathogens( 100 mil business potential market) Prodesta collaboration in Q3. Will speed up testing. New licensing for deafness test in new borns in Q3. -also holding in company that test for deafness in chilren before they are born 3 Q results: rev $1.7 mil flat Product rev $702,050 up q-q up 14 percent 10 transactions for nanotech biology work, up from 6 4 sales 1 re-agent rental 4 new test sites 1 installed as part of collaboration 97 systems overall 15 systems on rentals - will supply steady stream of rev loss 7 mil in q charges in Q: increased inventory reserves by $800,000 for obsolete inventory, $1.4 mil write off of good will $778,000 sales in stock investment Op Ex 10 percent less than last Q cash 32.6 mil up 4.8 mil q-q: $7 mil in private placement at $3.30, have 5 year warrant for about 500,000 shares $4.75, and 12 month warrants at $4.75 for 500,000 and 6 month warrants for $4.14 (1 mil shares) Op Ex $4.5 mil have 435,000 shares of Combimatrix stocks worth $2 mil @ $4.55 per share stock result of settlement in 2002 10 transaction in Q, 6 in USA, 4 in Europe Selling to labs and research institutions 97 units overall 2/3's in USA and 1/3's in Europe Largest product ASR system to detect mutation in gene for CFI 11 labs in validation stage of ASR systems. Guidance: 2003 year: 35 to 45 placements of ASR Product rev will be less that $4 mil low end prior guidance Loss will be at high end of $27 mil for year Expect 28 to 30 mil of cash at end of year 2004 expect growth rate of 50 percent for rev Total Op Ex will be 10 percent less that Q4 2003 run rate 2004 year end will have $15 mil in cash Q&A: Q: Forecast of 15 mil in cash at end of year. Does it include 9 mil in warrants? A: No does not include proceeds of equity investments. Q: Adding distributors in Europe only? A: Screen for Europe now. Not very well along in USA. Q: With equipment out for ASR. Company has a right to license. Any plans? A: Some research institutes have purchased the systems. They own the IP as a result. Other institutes we have the rights to. No commercially viable results now. Works on markers. Possibly breast cancer, Epilepsy etc ....