Ciphergen's third-quarter revenue falls to $4.7 million

By Lisa Kerner

Charlotte, N.C., Nov. 7 - Ciphergen Biosystems, Inc.'s net revenue for the third quarter ended Sept. 30 fell to $4.7 million from $7.1 million for the third quarter of 2005, according to a company news release.

Ciphergen said the third quarter of 2006 will likely be the last quarter to includes revenue from the company's life science research business, which Ciphergen is selling to Bio-Rad Laboratories, Inc. The life science research business included sales of ProteinChip arrays and Seldi instruments as well as biomarker development services.

Looking ahead, the company said it does not expect significant revenue until its diagnostic tests are commercialized.

Total operating expenses for the third quarter were $8.7 million, down from $10.7 million for the same period last year.

The company's net loss declined to $7.0 million in the third quarter, compared with $7.5 million in the third quarter of 2005.

At Sept. 30, Ciphergen's cash and investments totaled $15.0 million. The company had cash and investments of $20.6 million at June 30.

Following the completed sale of its life science research business, Ciphergen estimates that cash used for operations will be $4 million to $5 million per quarter.

For the first nine months of 2006, Ciphergen had revenue of $17.0 million, down from the $20.6 million reported for the first nine months of 2005.

Net loss for the nine-month period was $20.2 million, compared with $26.2 million for the prior-year period.

"Our diagnostic program in ovarian cancer continues to make excellent progress, and we anticipate our first test will be used as an adjunct to other diagnostic methods to help physicians in the differential diagnosis of a persistent pelvic mass. Our strategy includes multiple pathways to commercialization," president and chief executive officer Gail S. Page said in the release.

The Fremont, Calif., diagnostic test company plans to submit the results of its prospective clinical trial of its ovarian cancer diagnostic program to the Food and Drug Administration by the second half of 2007.

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