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For Immediate Release |
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2004 |
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12KB total |
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$40 |
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#325817 |
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For Immediate Release
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Contacts: |
Steve Zaniboni |
Linda Rawson | ||
| SEQUENOM, Inc. |
SEQUENOM, Inc. | |||
| Chief Financial Officer |
Corporate Communications Supervisor | |||
| (858) 202-9014 |
(858) 202-9034 | |||
| szaniboni@sequenom.com |
lrawson@sequenom.com |
SEQUENOM REPORTS SECOND QUARTER 2004 FINANCIAL RESULTS AND ANNOUNCES
CLOSING OF PHARMACEUTICALS BUSINESS UNIT
Company to Focus Resources on Revenue-Generating Product Sales
Opportunities in Genetic Systems Business Unit
San Diego, July 29, 2004 SEQUENOM, Inc. (Nasdaq: SQNM) today reported financial results for the second quarter ended June 30, 2004 and announced the termination of internal drug discovery efforts along with the closure of the Companys Pharmaceuticals business unit. Going forward, the Company will concentrate on revenue-generating opportunities from its Genetic Systems business unit in the genetic research and diagnostic services markets. SEQUENOM will continue its outlicensing program to capitalize on the value of its genetic targets for diagnostic and therapeutic product development.
The closing of the Pharmaceuticals business unit during the third quarter will reduce the Companys costs and expenses and is expected to provide the cash necessary to support the Companys Genetic Systems business through 2006. By year-end, there will be a staff reduction of approximately 50 employees. The majority of costs related to this restructuring will be recorded in the third quarter of 2004. The resulting anticipated annualized cash flow savings is approximately $10 million.
SEQUENOM has focused on a small but extremely attractive internal discovery pipeline, said Toni Schuh, Ph.D., SEQUENOMs President and Chief Executive Officer. However, in the current financial environment and with the resources we have available, we can not afford to both conduct internal drug discovery efforts as well as invest in attractive business opportunities in the Genetic Systems business unit where we are currently generating revenue. While we will continue to pursue opportunities to license our genetic targets, our main focus will be building the Genetic Systems business unit and achieving profitability.
SEQUENOM Reports Second Quarter 2004 Financial Results
Page 2 of 5
Sales of the MassARRAY Compact, our flexible benchtop system, are gaining traction, said Steve Zaniboni, SEQUENOMs Chief Financial Officer. Four of the seven system sales this quarter were Compacts. We have expanded the capabilities of the MassARRAY platform from high-throughput genotyping to include the mid-range throughput segment for virtually all relevant applications in RNA and DNA analysis, enabling SEQUENOM to service the broad needs of the clinical research and diagnostic services market. We expect to redefine standards of data quality in these new application areas.
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