NANOSPHERE, INC. (NSPH, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $68.8 million; its shares were traded at around $3.1 with and P/S ratio of 50.4.
Research and development expenses decreased to $4.8 million for the three months ended March 31, 2009, from $5.9 million for the three months ended March 31, 2008. The $1.1 million decrease in research and development expenses for the three months ended March 31, 2009 consists primarily of $0.4 million in staffing and $0.4 million of other expenses including cartridge development expenses for completed programs and legal expenses. In addition, research and development expenses for the three months ended March 31, 2008 included a $0.3 million loss on disposal of fixed assets which were replaced by more scalable manufacturing and development equipment.
Sales, general and administrative expenses decreased to $3.1 million for the three months ended March 31, 2009 from $3.4 million for the three months ended March 31, 2008. The $0.3 million decrease in sales, general and administrative expenses for the three months ended March 31, 2009 versus March 31, 2008 consists primarily of a $0.6 million decrease in staffing and initial implementation of our Sarbanes-Oxley compliance program, partially offset by a $0.3 million increase in troponin market development and clinical trial expenses associated with the FAST-TRAC cTnI study.
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. Since our inception, we have generated minimal revenues from the sale of the Verigene System, including cartridges and related products, to our initial clinical customers, research laboratories and government agencies. We also incurred significant losses and, as of March 31, 2009, we had an accumulated deficit of approximately $213.5 million. While we are currently in the commercialization stage of operations, we have not yet achieved profitability and anticipate that we will continue to incur net losses for the foreseeable future.
Net cash used in investing activities was $0.2 million for the three months ended March 31, 2009 as compared to $0.5 million for the three months ended March 31, 2008. Investments in property and equipment decreased $0.3 million during the three months ended March 31, 2009 due to the significant spending in 2008 to scale-up manufacturing for the commencement of product commercialization activities.
Net cash used in financing activities was relatively flat at $1.2 million for the three months ended March 31, 2009 as compared to $1.1 million for the three months ended March 31, 2008. Repayments of long-term debt increased $0.8 million for the three months ended March 31, 2009 as compared to the same period in 2008 due to the scheduled payments under the loan and security agreements. Offsetting this increase in cash used in financing activities for the three month period ended March 31, 2009 was a reduction in stock issuance expenses. As of December 31, 2007, approximately $0.8 million of transaction expenses related to our IPO were unpaid. Such expenses were paid during the three month period ended March 31, 2008.
Read the The complete Report
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 $68.8 million; its shares were traded at around $3.1 with and P/S ratio of 50.4.
Highlight of Business Operations:
Revenues were $0.3 million for the three months ended March 31, 2009, as compared to $0.6 million for the three months ended March 31, 2008. Product sales were approximately flat at $0.3 million for the three months ended March 31, 2009 and 2008. There was no revenue from contracts and government grants for the three months ended March 31, 2009 and there was $0.3 million of contracts and government grant revenue for the three months ended March 31, 2008.Research and development expenses decreased to $4.8 million for the three months ended March 31, 2009, from $5.9 million for the three months ended March 31, 2008. The $1.1 million decrease in research and development expenses for the three months ended March 31, 2009 consists primarily of $0.4 million in staffing and $0.4 million of other expenses including cartridge development expenses for completed programs and legal expenses. In addition, research and development expenses for the three months ended March 31, 2008 included a $0.3 million loss on disposal of fixed assets which were replaced by more scalable manufacturing and development equipment.
Sales, general and administrative expenses decreased to $3.1 million for the three months ended March 31, 2009 from $3.4 million for the three months ended March 31, 2008. The $0.3 million decrease in sales, general and administrative expenses for the three months ended March 31, 2009 versus March 31, 2008 consists primarily of a $0.6 million decrease in staffing and initial implementation of our Sarbanes-Oxley compliance program, partially offset by a $0.3 million increase in troponin market development and clinical trial expenses associated with the FAST-TRAC cTnI study.
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. Since our inception, we have generated minimal revenues from the sale of the Verigene System, including cartridges and related products, to our initial clinical customers, research laboratories and government agencies. We also incurred significant losses and, as of March 31, 2009, we had an accumulated deficit of approximately $213.5 million. While we are currently in the commercialization stage of operations, we have not yet achieved profitability and anticipate that we will continue to incur net losses for the foreseeable future.
Net cash used in investing activities was $0.2 million for the three months ended March 31, 2009 as compared to $0.5 million for the three months ended March 31, 2008. Investments in property and equipment decreased $0.3 million during the three months ended March 31, 2009 due to the significant spending in 2008 to scale-up manufacturing for the commencement of product commercialization activities.
Net cash used in financing activities was relatively flat at $1.2 million for the three months ended March 31, 2009 as compared to $1.1 million for the three months ended March 31, 2008. Repayments of long-term debt increased $0.8 million for the three months ended March 31, 2009 as compared to the same period in 2008 due to the scheduled payments under the loan and security agreements. Offsetting this increase in cash used in financing activities for the three month period ended March 31, 2009 was a reduction in stock issuance expenses. As of December 31, 2007, approximately $0.8 million of transaction expenses related to our IPO were unpaid. Such expenses were paid during the three month period ended March 31, 2008.
Read the The complete Report
