VEDBAEK, Denmark, August 28 Strong organicgrowth continued in Q2 2008 supported by new research product offerings. Thedevelopment of Exiqon's first molecular diagnostic product based on miRNAprofiling remains on track for year end launch.
Lars Kongsbak, President and CEO says: "With financing in place to reachexpected break even by 2011 and on track towards our goal of a cash flowpositive life sciences business by the end of 2009, there is no doubt thatExiqon is in a sweet spot in the biotechnology market. We see a stronginterest in miRNA and we are very excited about the launch of our firstmolecular diagnostic product based on miRNA by year end."
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http://exiqon.com/SEEEMS/10815.asp- Revenue in Q2 2008 increased by 139% on the year-earlier period to DKK 28 million, totaling DKK 44.5 million in the first six months of 2008. - Product sales in Q2 2008 increased by 239% on the same period last year to DKK 26.3 million (including research product sales and diagnostic sales) totaling DKK 40.5 million in the first six months of 2008. Research product sales grew organically by 70% compared to Q2 2007. - Direct contribution margin in Q2 2008 was 65% compared to 78% in the same period last year, totaling 66% in the first six months of 2008. Gross margin was 25% compared to 64% in the same period last year, totaling 33% in the first six months of 2008. The gross margin was affected by new product offerings and cost of unused capacity during the current build-up phase. - Total operating expenses in Q2 2008 increased by 80% on the same period last year to DKK 48.3 million, totaling DKK 82.7 million in the first six months of 2008. The increase in operating expenses is primarily due to the acquisition of Oncotech Inc. - Net loss for Q2 2008 was DKK 38.8, totaling DKK 63.5 million the first six months of 2008. EPS amounted to DKK -1.37 in Q2 2008 and DKK -2.25 in the first six months of 2008. - Based on current activities, the financial guidance for 2008 is retained with revenue of DKK 140-150 million in 2008 including both research product sales and diagnostic sales. A net loss of DKK 100-115 million is expected, for the full year 2008, including the effect of costs of current incentive plans in the amount to DKK 6 million.
SOURCE Exiqon A/S