San Diego-based medical diagnostics developer Nanogen Inc. announced financial results for the third quarter Nov. 1.
Revenues for the third quarter ended Sept. 30 were $7.5 million, more than double revenues of $3.2 million for the same period of 2005.
Despite increasing revenues, the company recorded a third-quarter net loss of $11.8 million, or 18 cents per share, compared with a net loss of $8.8 million, or 18 cents per share, for the third quarter of 2005.
Nanogen announced Oct. 5 that 15 percent of its North American staff would be laid off this year as a cost-containment measure.
In a prepared statement issued Nov. 1, Nanogen Chairman and Chief Executive Officer Howard Birndorf said, “Additional cost decreases can be expected to result from staff reductions and consolidation measures announced in October.”
Nanogen is traded on the Nasdaq as NGEN and closed Nov. 1 at $2.04, down 3 cents from the Oct. 31 close.
, Andy Killion
