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[dakinky]

Tuesday October 31, 4:00 pm Eastern Time

Press Release
SOURCE: Nanogen, Inc.

Nanogen Reports 2000 Third Quarter Results

SAN DIEGO, Oct. 31 /PRNewswire/ -- Nanogen, Inc. (Nasdaq: NGEN - news) today announced its financial results for the third quarter ended September 30, 2000.

Total revenues for the quarter ended September 30, 2000 were $3.5 million compared to $1.9 million for the same period in 1999. For the first nine months of 2000, total revenues were $8.2 million as compared to $6.1 million for the same period in 1999. Revenue recognized during the quarter and the nine months ended September 30, 2000 and September 30, 1999 was earned in connection with sponsored research programs derived from the Company`s corporate alliances and from contracts and grants with government agencies. In addition, $545,000 and $709,000 in revenue recognized during the quarter and the nine months ended September 30, 2000, respectively, resulted fromsales of NanoChip(TM) Molecular Biology Workstations and sales of NanoChip(TM) cartridges.

Total operating expenses for the third quarter of 2000 were $9.9 million, as compared to $7.6 million for the same period in 1999. For the first nine months of 2000, total operating expenses were $24.3 million compared to $25.2 million for the same period in 1999. The increase in operating expenses for the third quarter of 2000 as compared to the same period in 1999 is primarily due to an increase in legal expenses related to enhancing Nanogen`s intellectual property portfolio and fees related to patent litigation, as well as increased sales and marketing expenses as the Company expanded its sales and marketing organization. The Company anticipates a continuation of these increased expenditures as the patent portfolio continues to increase, litigation continues and the NanoChip(TM) system launch progresses. The decrease in operating expenses for the nine months ended September 30, 2000 as compared to the same period in 1999 is attributable primarily to a reduction in spending internally and externally with engineering and prototype design vendors. These reductions are a result of the completion of the prototype development phase and transition of the prototype to Hitachi, Ltd. for further development and manufacture of the Company`s initial commercial product, the NanoChip(TM) Molecular Biology Workstation.

For the quarter ended September 30, 2000, the Company reported a net loss of $4.6 million or $0.22 per share, compared to a net loss of $5.2 million or $0.29 per share for the same period in 1999. For the first nine months of 2000, the Company reported a net loss of $12.4 million or $0.62 per share, compared to a net loss of $18.6 million or $1.03 per share for the same period in 1999.

``Nanogen continued to execute extremely well in the third quarter, making progress in expanding our customer base and corporate partnerships,`` stated Howard Birndorf, Chairman and CEO of Nanogen. ``As our intention is to establish the NanoChip(TM) system as the standard for performing genetic-based clinical research studies, our growth is encouraging. It has become increasingly clear to us that this market segment will be the gate-keeper to the long term use of genetic information in the clinical setting. It is our intention over the coming year to establish a leadership position in this growing and attractive market segment by targeting high value, high profile customers.`` Birndorf continued, ``By the completion of the third quarter, we had sold seven NanoChip(TM) systems, six directly to end users and one through a funded research agreement. Our customer list in the US and Europe now includes the Mayo Clinic, the National Cancer Institute, Egea Biosciences, Aventis and SKW Biosciences. The additional sale recorded through funded research was also to Aventis as part of our collaboration to develop gene expression applications for the NanoChip(TM) system. Since the end of the third quarter we have continued our progress, placing research instruments at the Children`s Hospital of Pennsylvania and The Children`s Hospital of Tokyo. Customers will now be using the NanoChip(TM) system for diverse applications in clinical research, including cancer, infectious disease and pharmacogenomic applications.``

``We also made substantial progress on the corporate partnership front. A critical challenge in achieving Nanogen`s goal of becoming a key player in the clinical research and eventually the clinical diagnostics industries is the continued evolution of the NanoChip(TM) instrument platforms. To that end, we have expanded and extended our relationship with Hitachi, securing a ten-year relationship for the development and manufacture of instrument systems. Hitachi will bear the primary expense of developing future generations of instruments, while Nanogen will focus on our core competency of the NanoChip(TM) cartridge and applications development. Hitachi`s long history of serving both the research market and the government regulated clinical diagnostic market molds well with Nanogen`s capability of serving as a unique bridge between these two valuable markets, potentially accelerating the healthcare system`s ability to use genetic information in practical, patient care applications. Hitachi also invested two million dollars in Nanogen equity, purchasing 74,590 shares at $26.813 per share, the fair market value on the effective date of the collaboration agreement,`` Birndorf continued. ``Nanogen also completed the realignment of the Becton Dickinson (BD) joint venture. We expanded our licensing rights to BD`s proprietary amplification technique, Strand Displacement Amplification (SDA). We have secured commercialization rights to the technologies developed by the partnership. We have established a mechanism for BD to review certain cancer-related genetic content which may be developed or acquired by BD for appropriateness of delivering that content via Nanogen`s platforms. And perhaps most importantly, Nanogen has now regained full rights to commercialize its products and technologies in the infectious disease diagnostics market, increasing our flexibility as we prepare to address the clinical diagnostics market.``

During the third quarter, the company received two grants and extended its patent portfolio. Both the grants and the patent issued may benefit the development of integrated, electronics-based sample to answer systems, an important element of Nanogen`s longer-term platform development strategy. The grants were awarded by the U.S. Army and the Space and Naval Warfare Systems Center San Diego and provide continued funding for the development of Nanogen`s core technologies.

Nanogen made substantial progress during the third quarter building the commercial infrastructure required to serve the clinical research market. The Company announced the opening of its European sales office and the appointment of a European Managing Director. The sales, marketing and support team has expanded and is expected to continue to expand aggressively throughout the remainder of 2000. In addition, Nanogen plans to initiate an awareness building campaign during the fourth quarter of 2000, accelerating in early 2001.

``We are aggressively expanding our commercial efforts. Our focus in the coming year will be on establishing relationships with customers representing a broad cross-section of clinical research that demonstrates the NanoChip`s(TM) core benefits -- flexibility, versatility, accuracy and cost effectiveness,`` commented Kieran Gallahue, Nanogen`s President and Chief Financial Officer. ``We have already placed NanoChip(TM) systems with a range of customers, including customers in the hospital, university, government, and pharmaceutical and food additives sectors. Customers are utilizing our electronics-based technology for performing SNP and gene expression studies related to drug metabolism, childhood cancer, infectious diseases and others. Users have provided very positive assessments of our technology by speaking at conferences from China to Philadelphia. We will measure our success in the coming year by our ability to establish a foundation that can develop into market leadership in the clinical research market, a foundation evidenced by an expanding customer base and by a growing range of applications and assays used and developed by customers. Our success in this early phase of commercialization has been very encouraging.``

Nanogen continued to evolve its organizational structure, adding skill sets critical to the next phase of growth. Kieran T. Gallahue, Nanogen`sChief Financial Officer and formerly Nanogen`s Vice President of Strategic Marketing, was appointed President in September. Dr. Regina Herzlinger, a recognized expert on the American healthcare system and on management control, was recently added to the board of directors. Nanogen has stated its intention to continue the organizational evolution process as the company fully transitions from a pre-product, early stage company to a successful commercial organization.

Birndorf concluded, ``I believe our results continue to speak for themselves. Our progress continues on track and I remain encouraged and confident that Nanogen can establish itself as a leading company serving the targeted-genetic clinical research market.``

Nanogen recently began marketing its NanoChip(TM) system to scientists and genomics laboratories setting new standards for SNP scoring. In beta testing, the NanoChip(TM) system has been shown to provide accuracy equal to or better than DNA sequencing and other methods for SNP confirmation. Unlike other systems, the NanoChip(TM) system uses electronically accelerated hybridization under very low salt conditions, potentially avoiding problems with DNA conformation and secondary structures, whereas most sequencing and primer extension technologies require high salt conditions. The NanoChip(TM) system allows the user to array and analyze DNA on its NanoChip(TM) cartridges in user selected formats in a single day with walk-away automation. The NanoChip(TM) system integrates advanced microelectronics and molecular biology into a platform technology with broad commercial applications in the fields of biomedical research, genomics, medical diagnostics, genetic testing and drug discovery. The Company has established corporate alliances as part of its strategy to expand the applications and accelerate the commercialization of products derived from its technology.

The company will hold its earnings conference call today at 4:30 p.m. EDT. To listen, visit http://www.videonewswire.com/NANOGEN/103100.

This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including whether the patented inventions will or can be successfully incorporated into commercial products, whether the Company`s pending litigation will be successful, whether we will sell additional products, whether the relationship with Hitachi and other corporate partners will continue, whether the full amounts anticipated will be invested in the Hitachi collaboration, whether the Company`s products under development can be successfully developed and commercialized, whether products will be purchased by additional customers, whether the currently anticipated instruments, applications and assays will be developed, whether the Company can establish a leadership position in its target markets, whether the Company`s collaborations will continue to be funded and other risks and uncertainties discussed under the caption ``Factors That May Affect Results`` and elsewhere in the Company`s Form 10-K as amended for the year ended December 31, 1999 and subsequent reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.

CONTACTS: Nanogen, Inc.
Kieran T. Gallahue
President and Chief Financial Officer
858-410-4600

Noonan/Russo Communications
Page Sargisson (Media)
415-677-4455 (Ext. 229)

NANOGEN, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

Sept. 30, Dec. 31,
2000 1999
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $89,618 $41,021
Short-term investments 8,954 --
Receivables 2,650 1,641
Inventory 2,070 --
Other current assets 814 679
Total current assets 104,106 43,341

Property and equipment, net 5,450 6,154
Acquired technology rights 5,480 1,005
Restricted cash 164 219
Other assets 63 66
$115,263 $50,785

LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payable $874 $598
Accrued liabilities 3,979 3,726
Deferred revenue 580 3,373
Current portion of capital lease obligations 2,298 2,136
Total current liabilities 7,731 9,833

Capital lease obligations,
less current portion 1,690 2,831

Stockholders` equity:
Convertible preferred stock, $.001 par value,
5,000,000 shares authorized; no shares issued
and outstanding at September 30, 2000 and
December 31, 1999 -- --

Common stock, $.001 par value,
50,000,000 shares authorized;
20,785,910 and 18,990,799 shares issued
and outstanding at September 30, 2000
and December 31, 1999, respectively 21 19
Additional paid-in capital 192,576 113,574
Accumulated other comprehensive income 8 --
Deferred compensation (558) (1,473)
Notes receivable from officers (1,205) (1,369)
Accumulated deficit (85,000) (72,630)
Total stockholders` equity 105,842 38,121
$115,263 $50,785

NANOGEN, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

Three months ended Nine months ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
Revenues:
Sales $545 $-- $709 $--
Sponsored research 2,565 1,234 6,132 4,153
Contract and
grant revenue 436 712 1,370 1,928
Total revenues 3,546 1,946 8,211 6,081

Operating expenses:
Cost of sales 437 -- 450 --
Research and
development 5,445 5,406 14,202 19,042
General and
administrative 4,026 2,161 9,651 6,158
Total operating
expenses 9,908 7,567 24,303 25,200
Loss from
operations (6,362) (5,621) (16,092) (19,119)

Interest income, net 1,783 480 3,722 1,551
Loss on disposition
of fixed assets -- -- -- (30)
Equity in loss of
joint venture -- (78) -- (1,013)
Net loss $(4,579) $(5,219) $(12,370) $(18,611)

Net loss per share -
basic and diluted $(0.22) $(0.29) $(0.62) $(1.03)

Number of shares used
in computing net loss
per share -
basic and diluted 20,360 18,244 19,797 17,991


Editor`s Note: This release can also be found at http://www.noonanrusso.com.

SOURCE: Nanogen, Inc.

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[shining]

Habe leider kein Übersetzungsprogramm und bin auch nicht so perfekt in englisch. Kann mir das mal jemand kurz dokumentieren?
Danke
shining

[Börsenguru2001]

Dienstag Oktober 31, 4:00 P.M. östliche Zeit Pressekommuniqué Quelle: Nanogen, Inc.. Nanogen Berichtet Über 2000 TrimesterResultate San Diego, Okt. 31 / PRNewswire / -- Nanogen, Inc. (Nasdaq: NGEN - Nachrichten) verkündeten heute seine finanziellen Resultate während des beendeten dritten Trimesters September 30, 2000. Gesamteinkommen für das Viertel, das September 30 beendet wurde, 2000 waren $3,5 Million verglichen bis $1,9 Million während der gleichen Periode 1999. Für die ersten neun Monate von 2000, waren Gesamteinkommen $8,2 Million verglichen mit $6,1 Million während der gleichen Periode 1999. Das Einkommen, das während des Viertels und der neun Monate erkannt wurde, beendete September 30, 2000 und September 30, 1999 wurde in Zusammenhang mit den geförderten Forschung Programmen erworben, die von den korporativen Bündnissen Company`s und von den Verträgen und von den Bewilligungen mit Regierungsagenturen berechnet wurden. Zusätzlich beendeten $545.000 und $709.000 im Einkommen, das während des Viertels und der neun Monate erkannt wurde, September 30, 2000 beziehungsweise resultierte fromsales NanoChip(TM) der molekularen Biologiearbeitsplätze und Verkäufe NanoChip(TM) der Kassetten. Gesamtbetriebskosten während des dritten Trimesters von 2000 waren $9,9 Million, verglichen mit $7,6 Million während der gleichen Periode 1999. Für die ersten neun Monate von 2000, waren Gesamtbetriebskosten $24,3 Million verglichen bis $25,2 Million während der gleichen Periode 1999. Die Zunahme der Betriebskosten während des dritten Trimesters von 2000 verglichen mit der gleichen Periode 1999 liegt an einer Zunahme der Anwaltskosten hauptsächlich, die auf dem Erhöhen der Mappe und der Gebühren des geistigen Eigentums Nanogen`s in Verbindung gestanden werden auf Patentrechtsstreit, sowie erhöhte Verkäufe und Marketing-Unkosten, wie die Firma, in Verbindung gestanden werden seine Verkäufe und Marktordnung erweiterte. Die Firma nimmt eine Fortsetzung dieser erhöhten Aufwendungen, während die Patentmappe fortfährt sich zu erhöhen, Rechtsstreit fortfährt vorweg und die NanoChip(TM) Systemprodukteinführung kommt weiter. Die Abnahme an Betriebskosten für die neun Monate beendet September 30, 2000 verglichen mit der gleichen Periode 1999 ist zuzuschreibend hauptsächlich einer Verringerung des spendin

Sorry aber besser geht nicht!

[dakinky]

Und ab geht die Post!!!

[Börsenguru2001]

Nanogen gehört zu den den Tips der nächsten Wochen. Die sind im steilen Aufstieg Richtung Norden!

[Brucky]

@Börsenguro 2001
Dein Wort in Gottes Gehörgang.

[Phobi]

Vielleicht seh ich meine 37 E. wieder, für die ich eingestiegen bin.

[procom]

Kann mir einer erklären warum bei diesen guten Zahlen (erwartet waren -0,31 Cents) sich der Kurs nach unten bewegt? Wenn sich nach den Wahlen die Richtung nicht ändert, verstehe ich die Börsenwelt nicht mehr.

[Koy.aan.is.qatsi]

Procon -> Wieso nach unten? Ist doch gestern fast 7% gestiegen!

[procom]

!

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