ACLARA posts second quarter results, cuts staff

Aug. 1, 2002 — ACLARA BioSciences, a Mountain View, Calif., developer of microfluidic devices for drug discovery, genomics and proteomics research, announced a $9.9 million second quarter loss, or 27 cents per share, compared with $3.2 million from the same period last year.

Revenue was $673,000, compared with $849,000 from the year-ago period. In a conference call Wednesday afternoon, Chief Financial Officer Alfred Merriweather said the company expects revenues and losses for the second half of the year to be similar to those of the first. The company’s stock was up a penny at $1.80 in midmorning trading.

President and Chief Executive Joseph Limber said during the conference call that the company intends to focus on its eTag technology, which it considers its most promising product.

It is laying off 50 workers, primarily in its microfluidics business. The company expects to realize benefits from the cost cutting in 2003. ACLARA also announced the appointment of Ed Hurwitz to its board. Hurwitz is a venture partner of Alta Ventures, and was previously senior vice president and chief financial officer of Affymetrix.


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