Nanogen reports 2nd-quarter results

July 31, 2002 — Nanogen Inc., a San Diego developer of microarrays with integrated electronics and workstations to read the arrays, reported a second quarter loss of $8.5 million, or 39 cents per share, compared with an $11.8 million loss for the year-earlier quarter, according to a news release.

Revenues were $2 million, versus $2.7 million for the second quarter of 2001. Product-generated revenue climbed from $320,000 a year ago to $1.1 million this quarter. The company is transitioning its business model from sponsored research to product revenues. Nanogen’s stock closed up 26 cents today at $2.11.

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