Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Nanosphere Announces Third Quarter 2008 Results: Files FDA 510(k) Submissions for Two New Assays

Nanosphere, Inc. (Nasdaq:NSPH), a leader in the development and commercialization of advanced molecular diagnostics systems, today reported financial results for the third quarter and nine months ended September 30, 2008 and announced the filing of FDA 510(k) submissions for two new assays.

Nanosphere Announces Third Quarter 2008 Results: Files FDA 510(k) Submissions for Two New Assays

Northbrook, IL | Posted on November 11th, 2008

"We are making good progress toward our 2008 objectives including system placements and product development programs. Although product revenue was up slightly on a sequential basis from the second quarter, we do not expect to see significant revenue growth until we expand our test menu. Toward that end, we have filed FDA 510(k) submissions for two new products, a cystic fibrosis assay and a respiratory assay panel that tests for viruses including influenza A/B and RSV A/B. Moreover, development of additional assays, including our cardiac troponin I test for earlier detection of cardiovascular disease, are on track," said William Moffitt, Nanosphere's president and chief executive officer.

During the third quarter of 2008, revenue from sales of the Verigene System and test cartridges was $210,000 compared to $195,000 in the second quarter and $6,000 for the third quarter of 2007. Revenue was primarily from cartridge sales and rental agreements. Revenue from contracts and government grants during the third quarter of 2008 was $73,000 compared to $193,000 a year ago.

For the nine months ended September 30, 2008, revenue was $1,054,000 compared with $979,000 recorded in the comparable period in 2007. Product revenue increased to $708,000 for the first nine months of 2008 from $60,000 in the same period in 2007. Revenue from contracts and government grants was $346,000 for the nine months ended September 30, 2008 and $919,000 for the nine months ended September 30, 2007.

Research and development expense of $5.7 million for the three months ended September 30, 2008, was essentially unchanged from $5.8 million for the same period in 2007. For the nine months ended September 30, 2008, R&D expense rose to $17.6 million from $16.3 million for the nine months ended September 30, 2007. This increase in spending reflects investment in new products such as our protein assay to detect cardiac troponin I, additional human genetic and infectious disease assays and our Verigene II platform.

Sales, general and administrative expense decreased to $3.4 million for the three months ended September 30, 2008, from $4.4 million for the three months ended September 30, 2007 due primarily to a non-recurring compensation expense of $1.7 million in the prior year. For the nine months ended September 30, 2008, SG&A expense increased to $10.6 million, from $9.7 million for the comparable period a year ago, primarily due to incremental investment in sales personnel and other marketing expenses to support the sales of the Verigene System.

Conference Call Details

The company will hold a live conference call and webcast for investors on Monday, November 10, 2008 at 5:00 P.M., Eastern Daylight Time. The teleconference can be accessed by dialing 888-680-0878 (U.S./Canada) or 617-213-4855 (international), participant code 99658916. The call will also be broadcast live over the Internet and can be accessed by interested parties at the Investor Relations tab on the Nanosphere website: For interested individuals unable to join the call or webcast, a replay will be available through November 24, 2008, by dialing 888-286-8010 or for international calls, 617-801-6888, pass code 64293975, or on the company's website.


About Nanosphere, Inc.
Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene(r) System, for direct genomic and ultra-sensitive protein detection. This easy to use and cost effective platform enables simple, low cost and highly sensitive genomic and protein testing on a single platform. Nanosphere is based in Northbrook, IL.

Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere's ability to develop commercially viable products; (ii) Nanosphere's ability to achieve profitability; (iii) Nanosphere's ability to produce and market its products; (iv) Nanosphere's ability to obtain regulatory approval of its products; (v) Nanosphere's ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere's ability to obtain additional financing, if and when necessary, to support its operations. Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

                          Nanosphere, Inc.
                      Statements of Operations

                Three Month Periods Ended    Nine Month Periods Ended
                      September 30,               September 30,
                    2008          2007          2008          2007
                ------------  ------------  ------------  ------------
                              (As Adjusted)               (As Adjusted)

  Grant and
   revenue      $     73,459  $    192,880  $    346,071  $    919,383
  Product sales      209,772         6,125       707,891        59,795
                ------------  ------------  ------------  ------------
   Total revenue     283,231       199,005     1,053,962       979,178
  Cost of
   product sales     246,128         2,844       821,733        21,211
  Research and
   development     5,683,346     5,778,946    17,631,003    16,287,056
   strative        3,376,807     4,429,214    10,563,212     9,685,797
                ------------  ------------  ------------  ------------
   Total costs
    and expenses   9,306,281    10,211,004    29,015,948    25,994,064
                ------------  ------------  ------------  ------------
   Loss from
    operations    (9,023,050)  (10,011,999)  (27,961,986)  (25,014,886)
  Change in fair
   value of
   liability              --   (11,888,721)           --   (11,888,721)
  Change in fair
   value of
   warrants               --    (4,858,974)           --    (5,135,586)
   (gain) loss         1,347       (27,175)      (23,298)      (40,945)
   expense          (499,836)     (572,772)   (1,630,464)   (1,396,520)
   income            495,067       286,654     1,973,984     1,045,087
                ------------  ------------  ------------  ------------
   Total other
    (expense)         (3,422)  (17,060,988)      320,222   (17,416,685)
                ------------  ------------  ------------  ------------
 NET LOSS         (9,026,472)  (27,072,987)  (27,641,764)  (42,431,571)
   dividends              --    (1,652,493)           --    (4,832,822)
   adjustment             --            --            --      (608,940)
                ------------  ------------  ------------  ------------
  STOCK         $ (9,026,472) $(28,725,480) $(27,641,764) $(47,873,333)
                ============  ============  ============  ============
 Net loss per
  common share
  -- basic and
  diluted       $      (0.41) $     (30.80) $      (1.24) $     (51.33)
  average number
  of common
  outstanding --
  basic and
  diluted         22,228,539       932,646    22,207,843       932,646

                          Nanosphere, Inc.
                      Condensed Balance Sheets

                                            September 30, December 31,
                                                2008          2007
                                            ------------  ------------
                                                           As Adjusted

 Cash and cash equivalents                  $ 83,742,196  $114,312,573
 Other current assets                          2,738,028     2,674,205
                                            ------------  ------------
 Total current assets                         86,480,224   116,986,778
 Net property and equipment                    7,924,030     7,033,597
 Intangible assets - net of accumulated
  amortization                                 1,526,471     1,779,934
 Other assets                                    136,373       163,553
                                            ------------  ------------
 Total assets                               $ 96,067,098  $125,963,862
                                            ============  ============

 Current liabilities                           8,243,278     9,301,903
 Long term liabilities                         4,450,313     7,462,237
 Total stockholders' equity (deficit)         83,373,507   109,199,722
                                            ------------  ------------
 Total liabilities and stockholders'
  equity                                    $ 96,067,098  $125,963,862
                                            ============  ============

For more information, please click here

Nanosphere, Inc.
Roger Moody, Chief Financial Officer

The Torrenzano Group
Rick Anderson
212-681-1700, Ext. 115

Copyright © GlobeNewswire, Inc.

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.

Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

GLOBALFOUNDRIES and Soitec Enter Into Long-term Supply Agreement on FD-SOI Wafers: Strategic milestone to help guarantee a secure, high-volume supply of FD-SOI technology September 20th, 2017

GLOBALFOUNDRIES Announces Availability of mmWave and RF/Analog on Leading FDX™ FD-SOI Technology Platform: Technology solution delivers ‘connected intelligence’ to next generation high-volume wireless and IoT applications with lower power and significantly reduced cost September 20th, 2017

GLOBALFOUNDRIES Announces Availability of Embedded MRAM on Leading 22FDX® FD-SOI Platform: Advanced embedded non-volatile memory solution delivers ‘connected intelligence’ by expanding SoC capabilities on the 22nm process node September 20th, 2017

Copper catalyst yields high efficiency CO2-to-fuels conversion: Berkeley Lab scientists discover critical role of nanoparticle transformation September 20th, 2017


Do titanium dioxide particles from orthopedic implants disrupt bone repair? September 16th, 2017

Arrowhead Hosts Investor & Analyst R&D Day to Introduce TRiM(TM) Platform and Lead RNAi-based Drug Candidates September 14th, 2017

Graphene based terahertz absorbers: Printable graphene inks enable ultrafast lasers in the terahertz range September 13th, 2017

Applications for the nanomedTAB are open until September 18th, 2017 September 13th, 2017


GLOBALFOUNDRIES Delivers 8SW RF SOI Technology for Next-Generation Mobile and 5G Applications: Advanced 8SW 300mm SOI technology enables cost-effective, high-performance RF front-end modules for 4G LTE mobile and sub-6GHz 5G applications September 20th, 2017

GLOBALFOUNDRIES Unveils Vision and Roadmap for Next-Generation 5G Applications: Technology platforms are uniquely positioned to enable a new era of ‘connected intelligence’ with the transition to 5G September 20th, 2017

GLOBALFOUNDRIES Delivers Custom 14nm FinFET Technology for IBM Systems: Jointly developed 14HP process is world’s only technology that leverages both FinFET and SOI September 20th, 2017

GLOBALFOUNDRIES Introduces New 12nm FinFET Technology for High-Performance Applications September 20th, 2017

Financial Reports

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Third Quarter Results July 27th, 2017

Nanometrics to Announce Second Quarter Financial Results on August 1, 2017 July 14th, 2017

Arrowhead Pharmaceuticals to Webcast Fiscal 2017 Second Quarter Results April 27th, 2017

Nanometrics to Announce First Quarter Financial Results on May 2, 2017 April 11th, 2017

The latest news from around the world, FREE

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

Nanotechnology Now Featured Books


The Hunger Project