Pyrosequencing Reports Third Quarter Results for Period Ended September 30, 2002
Pyrosequencing Reports Third Quarter Results for Period Ended September 30, 2002 Uppsala, Sweden, October 24, 2002, Pyrosequencing AB (Stockholm: PYRO A) today reported third quarter results for the period ended September 30, 2002. Erik Walldén, President and CEO of Pyrosequencing, said, "During the third quarter, the Company received orders for 15 MA and HS systems. The Company has initiated a number of important cost-savings measures to ensure that it is well positioned to meet what we believe is a temporary slowdown. Pyrosequencing is more focused than ever on reaching profitability. We remain confident in the long term commercial opportunities represented by the genomics revolution. Our cash position remains strong, as is our commitment to grow the business organically by penetrating the market with our new systems, and to develop and acquire complementary product lines." Third quarter 2002 highlights include: * Received 15 new systems orders, 2 of which were upgrades; 23 systems were recorded as revenue * Focused on profitability by expanding the Company's cost-savings program to reduce cash expenses by approximately $7 million in 2003 * Signed two new agreements which provide access to important intellectual property surrounding a unique nucleic acid technology, and to a gene that may be used to identify clinically relevant bacteria * Demonstrated the broad applications of Pyrosequencing(TM) technology in a number of publications in major scientific journals and presentations at industry conferences FOR FURTHER INFORMATION CONTACT: Pyrosequencing AB Erik Walldén Theresa McNeely, Sr. Director President and CEO Investor/Public Relations +46 70 326 98 70 +1 877 797 6767 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/2002/10/24/20021024BIT01320/wkr0001.doc The full report http://www.waymaker.net/bitonline/2002/10/24/20021024BIT01320/wkr0002.pdf The full report