Nanotechnology Now

Our NanoNews Digest Sponsors


Heifer International

Wikipedia Affiliate Button

Home > Press > Nanogen Announces Consolidation of Point of Care Manufacturing Operations

Abstract:
Nanogen, Inc. (Nasdaq:NGEN), developer of in vitro diagnostic products, today announced that it was taking steps to reduce costs and improve margins of its rapid testing products by consolidating its point of care manufacturing operations. The consolidation will include the transfer of current operations in Toronto, Canada to the Company's San Diego facility and the cessation of manufacturing operations in Canada by the end of 2008.

Nanogen Announces Consolidation of Point of Care Manufacturing Operations

San Diego, CA | Posted on May 22nd, 2008

Nanogen's qualitative cardiac products, purchased two years ago from Spectral Diagnostics, are currently manufactured in Toronto while development and pilot manufacturing activities for the Company's next generation immunoassay activities are currently in San Diego. Transferring operations will reduce manufacturing cost and will further focus resources on the next generation platform and products. The Company's Congestive Heart Failure product, based on NT-proBNP, will continue to be supplied by Princeton Bio Meditech and is not affected by these actions.

"The decision to consolidate these operations is driven by our commitment to improving profitability and reaching positive operating cash flow," said David Ludvigson, Nanogen's president and COO. "It also supports our ongoing commitment to bringing new quantitative cardiac and infectious disease products to market on an innovative, proprietary point of care platform. R&D and manufacturing will now be in the same facility and will be more closely aligned as we develop our future rapid testing products."

The Company will transition manufacturing activities to San Diego over the next several months and does not expect any interruption of product supplies to customers. The Company estimates that it will reduce its workforce by approximately 30 people and reduce overall costs, starting in 2009, by approximately $3,000,000.

####

About Nanogen, Inc.
Nanogen, Inc., develops diagnostic products that enable physicians to deliver improved patient care. Its products allow faster and easier diagnosis, treatment and monitoring of cardiovascular disease and a range of infectious diseases. The company’s products include molecular diagnostic kits and reagents, and kits for rapid point-of-care testing. Nanogen has pioneered the development of biomarkers, molecular biology technologies and nanotechnology to bring better results to diagnostics and healthcare.

Nanogen Forward-Looking Statement

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 products currently manufactured in the Toronto, Canada facility can be successfully transferred without customer interruption, whether the costs of production after transfer will be substantially less than the current costs, whether products under development can be successfully developed and commercialized, and other risks and uncertainties discussed under the caption "Factors That May Affect Results" and elsewhere in Nanogen’s Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Nanogen disclaims any intent or obligation to update these forward-looking statements.

For more information, please click here

Contacts:
Nanogen, Inc.
Nick Venuto
Chief Financial Officer
858-410-4600
Kelly Gann
Marketing Communications
858-410-4667

Copyright © Business Wire 2008

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

New flexible material can make any window 'smart' August 23rd, 2016

University of Puerto Rico and NASA back in the news – XEI reports August 23rd, 2016

Nanoparticles that speed blood clotting may someday save lives August 23rd, 2016

Spider silk: Mother Nature's bio-superlens August 22nd, 2016

Openings/New facilities/Groundbreaking/Expansion

GLOBALFOUNDRIES to Expand Presence in China with 300mm Fab in Chongqing: Company plans new manufacturing facility and additional design capabilities to serve customers in China May 31st, 2016

Albertan Science Lab Opens in India May 7th, 2016

SUNY Poly Partnership with Japan's New Energy and Industrial Development Organization Drives Investment in and Installation of Emerging ‘Green’ Technologies at World-Class 'Zero Energy Nano' Building March 22nd, 2016

Composite Pipe Long Term Testing Facility February 10th, 2016

Nanomedicine

Nanoparticles that speed blood clotting may someday save lives August 23rd, 2016

A new way to display the 3-D structure of molecules: Metal-organic frameworks provide a new platform for solving the structure of hard-to-study samples August 21st, 2016

Curbing the life-long effects of traumatic brain injury August 19th, 2016

Lab team spins ginger into nanoparticles to heal inflammatory bowel disease August 19th, 2016

Announcements

New flexible material can make any window 'smart' August 23rd, 2016

University of Puerto Rico and NASA back in the news – XEI reports August 23rd, 2016

Nanoparticles that speed blood clotting may someday save lives August 23rd, 2016

Researchers reduce expensive noble metals for fuel cell reactions August 22nd, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







Car Brands
Buy website traffic