NANOSPHERE, INC. (NSPH, Financial) filed Quarterly Report for the period ended 2009-09-30.
Nanosphere develops manufactures and markets an advanced molecular diagnostics platform the Verigene(r) System for direct genomic and ultra-sensitive protein detection. It is 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. Nanosphere, Inc. has a market cap of $141.3 million; its shares were traded at around $6.36 with and P/S ratio of 103.5.
Research and development expenses decreased to $4.6 million for the three month period ended September 30, 2009, from $5.7 million for the three month period ended September 30, 2008. The $1.1 million decrease in research and development expenses for the three month period ended September 30, 2009 consists primarily of $0.4 million in staffing and $0.3 million of materials spending. The staffing reductions were driven by our increased focus on core research and development projects. The materials reduction was primarily related to the completion of the initial investment in Verigene SP development activities. Most of the remaining decrease relates to a $0.2 million impairment charge in 2008 associated with licensed technology which the Company does not plan to commercialize.
Revenues were $1.4 million for the nine month period ended September 30, 2009, as compared to $1.1 million for the nine month period ended September 30, 2008. Product sales were $0.8 million for the nine month period ended September 30, 2009 as compared to $0.7 million for the same period in 2008. The nine month period ended September 30, 2009 also included a $0.5 million increase in service revenue related to custom assay development contracts, partially offset by a $0.3 million decrease in United States government contracts and grants.
Research and development expenses decreased to $13.9 million for the nine month period ended September 30, 2009, from $17.6 million for the nine month period ended September 30, 2008. The $3.7 million decrease in research and development expenses for the nine month period ended September 30, 2009 consists primarily of $1.6 million in prototype materials spending and $1.4 million in staffing. The materials reduction was primarily related to the completion of the initial investment in Verigene SP development activities. The staffing reductions were driven by our increased focus on core research and development projects. Most of the remaining decrease relates to a $0.3 million loss on disposal of fixed assets in 2008 that resulted from our upgrade to more scalable manufacturing and development equipment, as well as a $0.2 million impairment of intangible assets described earlier.
Sales, general and administrative expenses decreased to $10.3 million for the nine month period ended September 30, 2009 from $10.6 million for the nine month period ended September 30, 2008. The $0.3 million decrease in sales, general and administrative expenses for the nine months ended September 30, 2009 versus September 30, 2008 consists primarily of a $0.8 million decrease in the completion of the initial implementation of our Sarbanes-Oxley compliance program, partially offset by a $0.5 million increase in sales and marketing expenses driven primarily by the ramp up of the FAST-TRAC clinical trial intended to create market differentiation for the cTnI assay.
From our inception in December 1999 through December 31, 2008, we have received net proceeds of $102.2 million from our initial public offering, $103.9 million from the sale of convertible preferred stock and issuance of notes payable that were exchanged for convertible preferred stock, $12.5 million from our debt borrowings, and $9.2 million from grant and contract revenue. We have devoted substantially all of these funds to research and development and sales, general and administrative expenses.
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Nanosphere develops manufactures and markets an advanced molecular diagnostics platform the Verigene(r) System for direct genomic and ultra-sensitive protein detection. It is 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. Nanosphere, Inc. has a market cap of $141.3 million; its shares were traded at around $6.36 with and P/S ratio of 103.5.
Highlight of Business Operations:
Revenues were $0.7 million for the three month period ended September 30, 2009, as compared to $0.3 million for the three month period ended September 30, 2008. Product sales were $0.3 million for the three month period ended September 30, 2009 as compared to $0.2 million for the same period in 2008. The three month period ended September 30, 2009 also included $0.4 million of service revenue related primarily to the assay development contract with a major pharmaceutical company described earlier.Research and development expenses decreased to $4.6 million for the three month period ended September 30, 2009, from $5.7 million for the three month period ended September 30, 2008. The $1.1 million decrease in research and development expenses for the three month period ended September 30, 2009 consists primarily of $0.4 million in staffing and $0.3 million of materials spending. The staffing reductions were driven by our increased focus on core research and development projects. The materials reduction was primarily related to the completion of the initial investment in Verigene SP development activities. Most of the remaining decrease relates to a $0.2 million impairment charge in 2008 associated with licensed technology which the Company does not plan to commercialize.
Revenues were $1.4 million for the nine month period ended September 30, 2009, as compared to $1.1 million for the nine month period ended September 30, 2008. Product sales were $0.8 million for the nine month period ended September 30, 2009 as compared to $0.7 million for the same period in 2008. The nine month period ended September 30, 2009 also included a $0.5 million increase in service revenue related to custom assay development contracts, partially offset by a $0.3 million decrease in United States government contracts and grants.
Research and development expenses decreased to $13.9 million for the nine month period ended September 30, 2009, from $17.6 million for the nine month period ended September 30, 2008. The $3.7 million decrease in research and development expenses for the nine month period ended September 30, 2009 consists primarily of $1.6 million in prototype materials spending and $1.4 million in staffing. The materials reduction was primarily related to the completion of the initial investment in Verigene SP development activities. The staffing reductions were driven by our increased focus on core research and development projects. Most of the remaining decrease relates to a $0.3 million loss on disposal of fixed assets in 2008 that resulted from our upgrade to more scalable manufacturing and development equipment, as well as a $0.2 million impairment of intangible assets described earlier.
Sales, general and administrative expenses decreased to $10.3 million for the nine month period ended September 30, 2009 from $10.6 million for the nine month period ended September 30, 2008. The $0.3 million decrease in sales, general and administrative expenses for the nine months ended September 30, 2009 versus September 30, 2008 consists primarily of a $0.8 million decrease in the completion of the initial implementation of our Sarbanes-Oxley compliance program, partially offset by a $0.5 million increase in sales and marketing expenses driven primarily by the ramp up of the FAST-TRAC clinical trial intended to create market differentiation for the cTnI assay.
From our inception in December 1999 through December 31, 2008, we have received net proceeds of $102.2 million from our initial public offering, $103.9 million from the sale of convertible preferred stock and issuance of notes payable that were exchanged for convertible preferred stock, $12.5 million from our debt borrowings, and $9.2 million from grant and contract revenue. We have devoted substantially all of these funds to research and development and sales, general and administrative expenses.
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