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8-K - FORM 8-K - NANOSPHERE INC | c12729e8vk.htm |
Exhibit 99.1
Nanosphere, Inc.
4088 Commercial Avenue
Northbrook, IL 60062
NEWS
For Immediate Release
Nanosphere Announces Fourth Quarter and Year End 2010
Results
Results
NORTHBROOK, Ill., Feb. 16, 2011 Nanosphere, Inc. (NASDAQ: NSPH), a leader in the
development and commercialization of advanced molecular diagnostics systems, today reported
financial results for the fourth quarter and full year ended December 31, 2010.
Product sales were $1.4 million for full year 2010 as compared to $1.1 million for full year 2009.
Revenues for 2010 were $2.0 million compared to $2.2 million for 2009. Contract revenue in 2010
was $0.6 million compared to $1.1 million in 2009 resulting from the completion of two assay
development contracts.
William Moffitt, Nanospheres president and chief executive officer said, The investments we made
in 2010 and continue to make in new product development, menu expansion and preparations for launch
in international markets will begin to pay dividends in 2011. We are very pleased to be turning
the corner from development to commercialization and growth in 2011.
Costs and operating expenses increased from $35.3 million in 2009 to $43.4 million in 2010, driven
entirely by the patent dispute with Eppendorf and non-cash stock compensation expenses. Costs and
operating expenses in the fourth quarter 2010 were $8.6 million compared to $11.3 million in the
third quarter 2010.
Net loss for the fourth quarter of 2010 was $7.4 million as compared with $9.1 million for the same
period in 2009 and $10.9 million in the third quarter of 2010.
Cash flow in the fourth quarter 2010 was negative $6.0 million as compared to negative $12.1
million in third quarter 2010. Cash at December 31, 2010 was $39.6 million.
Conference Call Details
The company will hold a live conference call and webcast for investors on Wednesday, February 16,
2011 at 5:00 P.M., Eastern Time. The teleconference can be accessed by dialing 888-713-4211
(U.S./Canada) or 617-213-4864 (international), participant code 66944676. 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: www.nanosphere.us. For interested individuals unable to
join the call or webcast, a replay will be available through February 24, 2011 by dialing
888-286-8010 or for international calls 617-801-6888, pass code 78060270, or on the
companys website.
About Nanosphere, Inc.
Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the
Verigene® 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. Additional information is available at
http://www.nanosphere.us.
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) Nanospheres ability to develop commercially
viable products; (ii) Nanospheres ability to achieve profitability; (iii) Nanospheres ability to
produce and market its products; (iv) Nanospheres ability to obtain regulatory approval of its
products; (v) Nanospheres ability to protect its intellectual property; (vi) competition and
alternative technologies; and (vii) Nanospheres ability to obtain additional financing to support
its operations. Additional risks are discussed in the Companys 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.
Contact:
Investors:
Nanosphere, Inc.
Roger Moody, 847-400-9021
Chief Financial Officer
rmoody@nanosphere.us
Investors:
Nanosphere, Inc.
Roger Moody, 847-400-9021
Chief Financial Officer
rmoody@nanosphere.us
or
Media
The Torrenzano Group
Ed Orgon, 212-681-1700
ed@torrenzano.com
The Torrenzano Group
Ed Orgon, 212-681-1700
ed@torrenzano.com
Nanosphere, Inc.
Statements of Operations
(dollars and shares in thousands except per share data)
Statements of Operations
(dollars and shares in thousands except per share data)
Years Ended December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
REVENUE: |
||||||||||||
Grant and contract revenue |
$ | 610 | $ | 1,090 | $ | 346 | ||||||
Product sales |
1,416 | 1,124 | 1,021 | |||||||||
Total revenue |
2,026 | 2,214 | 1,367 | |||||||||
COSTS AND EXPENSES: |
||||||||||||
Cost of sales |
2,597 | 2,175 | 1,464 | |||||||||
Research and development |
18,821 | 18,608 | 23,675 | |||||||||
Sales, general, and administrative |
22,007 | 14,472 | 13,616 | |||||||||
Total costs and expenses |
43,425 | 35,255 | 38,755 | |||||||||
Loss from operations |
(41,399 | ) | (33,041 | ) | (37,388 | ) | ||||||
OTHER INCOME (EXPENSE): |
||||||||||||
Foreign exchange gain (loss) |
4 | (4 | ) | (23 | ) | |||||||
U.S. Treasury grant |
978 | | | |||||||||
Interest expense |
(274 | ) | (1,258 | ) | (2,081 | ) | ||||||
Interest income |
79 | 354 | 2,450 | |||||||||
Total other income (expense) |
787 | (908 | ) | 346 | ||||||||
NET LOSS |
$ | (40,612 | ) | $ | (33,949 | ) | $ | (37,042 | ) | |||
Net loss per common share basic and diluted |
$ | (1.46 | ) | $ | (1.46 | ) | $ | (1.67 | ) | |||
Weighted average number of common shares
outstanding basic and diluted |
27,755 | 23,302 | 22,213 |
Nanosphere, Inc.
Condensed Balance Sheets
(dollars in thousands)
Condensed Balance Sheets
(dollars in thousands)
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
Cash and cash equivalents |
$ | 39,628 | $ | 76,689 | ||||
Other current assets |
3,299 | 4,050 | ||||||
Total current assets |
42,927 | 80,739 | ||||||
Net property and equipment |
5,142 | 6,145 | ||||||
Intangible assets net of accumulated amortization |
3,231 | 1,710 | ||||||
Other assets |
75 | 75 | ||||||
Total assets |
$ | 51,375 | $ | 88,669 | ||||
Total liabilities |
$ | 6,851 | $ | 9,587 | ||||
Total stockholders equity |
44,524 | 79,082 | ||||||
Total liabilities and stockholders equity |
$ | 51,375 | $ | 88,669 | ||||