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For Immediate Release |
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2003 |
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$30 |
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#273482 |
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FOR IMMEDIATE RELEASE
| Contact: | ||
| Media Relations: | Investor Relations: | |
| Brooke Tyson 617-646-1023 |
Richard A. Sandberg CFO, Matritech 617-928-0820 ext. 224 |
| Matritech Reports Third Quarter Financial Results |
| Bladder Cancer Test Sales Up 87 Percent Over 2002 |
Newton, Mass. (November 4, 2003) Matritech, Inc. (NASDAQ: NMPS), a leading developer of proteomics-based diagnostic products for the early detection of cancer, today reported financial results for the quarter ended September 30, 2003.
Revenues for the third quarter of 2003 were $1,171,310, compared with $783,594 for the third quarter of 2002, an increase of 49 percent. Revenue from Matritechs NMP22 tests for bladder cancer increased 87 percent during the quarter to $610,093, as compared with $326,503 in the third quarter of 2002. This increase was due primarily to sales of our NMP22 BladderChek point-of-care test and secondarily to sales of our NMP22 test kits. The Company reported a net loss of $1,782,568, or $0.06 per share, for the quarter ended September 30, 2003, compared with a net loss of $2,121,550, or $0.07 per share, for the same period in 2002.
Revenues for the nine months ended September 30, 2003 were $3,224,803, compared with $2,449,215 for the nine months ended September 30, 2002, an increase of 32 percent. Revenue recognized from Matritechs NMP22 tests for bladder cancer increased 71 percent during the first nine months of 2003 to $1,534,879, as compared with $899,285 in the first nine months of 2002. As in the third quarter, this increase was due primarily to sales of our NMP22 BladderChek point-of-care test and secondarily to favorable foreign currency translations. The Company reported a net loss of $5,603,607, or $0.17 per share, for the nine months ended September 30, 2003, compared with a net loss of $6,179,679, or $0.20 per share, for the same period in 2002.
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