VEDBAEK, Denmark, November 26 /PRNewswire-FirstCall/ -- Exiqon A/S, traded at the NASDAQ OMX Copenhagen ("EXQ"), reports continued strong growth in research product sales during the third quarter of 2008. Revenues were positively affected by the execution of a license agreement with Roche Diagnostics for use of Exiqon's LNA(TM) technology. Initial fourth quarter sales were negatively affected by supply of arrays that failed Exiqon's internal quality tests causing a slow down in executed sales orders. Although the supply problems have now been addressed, Exiqon revises its 2008 total year guidance of revenue of DKK 140-150 million to now DKK 120-130 million. As a result, a net loss of DKK 115-125 is now anticipated compared to previous expectations of a net loss of DKK 100-115 million.
- Revenue in the third quarter of 2008 increased five fold on the year-earlier period to DKK 51.3 million, totaling DKK 95.8 million in the first nine months of 2008. - Compared third quarter last year product sales increased by 329% to DKK 28 million totaling DKK 68,5 million in the first nine months of 2008. Research product sales grew organically by 141%. - Net loss for the third quarter of 2008 was DKK 10.1 million totaling DKK 73.6 million in the first nine months of 2008. EPS amounted to DKK -0.35 in the third quarter of 2008 and DKK -2.55 in the first nine months of 2008. - License granted to Roche Diagnostics for use of Exiqon's proprietary LNA(TM) detection technology in a new product line for RealTime ready qPCR assays demonstrates the value of LNA(TM) as a detection technology. - The integration of former Oncotech Inc - now Exiqon Diagnostics Inc - remains on track for the first miRNA diagnostic product launch to be announced in December 2008.
Lars Kongsbak, President and CEO says: "Product demand remains stron
|SOURCE Exiqon A/S|
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