Pyrosequencing AB Reports Fourth Quarter and Year End Results for Period Ended December 31, 2002
Pyrosequencing AB Reports Fourth Quarter and Year End Results for Period Ended December 31, 2002 -- Expansion of product offering, marketing capability and IP as Company implements expense reduction -- Uppsala, Sweden, February 20, 2003, Pyrosequencing AB (Stockholm: PYRO A) today reported fourth quarter and year-end results for the period ended December 31, 2002. Erik Walldén, President and CEO of Pyrosequencing, commented: "Pyrosequencing made important progress in 2002 against a background of tough market conditions. We expanded our product offering, strengthened the intellectual property position and formed key industrial and academic alliances. The Company took important steps to focus on our core strengths and reduce losses, moving toward profitability. We launched two major products broadening our technology applications, throughput capabilities, and enhancing cost efficiency for customers. These products, and the new distribution agreement with Corbett announced in early 2003, significantly extend our product offering and will maximize the returns from our global sales force. Scientific publications supporting the use of Pyrosequencing(TM) technology are mounting, especially in the growing application areas of pharmacogenomics, clinical genetics, microbiology and oncology. With market-driven products we maintain our advantage in delivering high- quality solutions for Applied Genomics." Highlights include: · Received 30 new systems orders in Q4; 35 systems were recorded as revenue · Attracted industry thought-leaders Genzyme, Bristol-Myers Squibb, Schering-Plough, and the National Center for Genotyping in France, bringing our installed base to nearly 250 systems worldwide · Introduced a new multi-applications system and a high sensitivity DNA analysis platform with vacuum prep tool that streamlines sample preparation · Demonstrated competitive edge by reducing reagent prices · Expanded our intellectual property position with access to nucleic acid technology and to a new infectious disease target gene · Significant expense reduction program implemented with cash savings to be recognized in 2003 · Closed the year with $54.3 million in cash and marketable securities FOR FURTHER INFORMATION CONTACT: Pyrosequencing AB Erik Walldén Theresa McNeely, Sr. Director President and CEO Investor/Public Relations +46 70 326 98 70 +1 508 870-1112 erik.wallden@pyrosequencing.com theresa.mcneely@pyrosequencing.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/02/20/20030220BIT00970/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/02/20/20030220BIT00970/wkr0002.pdf The full report