UPPSALA, Sweden, Oct. 24, 2002 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROa) (Other OTC:PYRSF) today reported third quarter results for the period ended September 30, 2002.
Erik Wallden, President and CEO of Pyrosequencing, said: "During the third quarter, the Company received orders for 15 MA and HS systems. The Company has initiated a number of important cost-savings measures to ensure that it is well positioned to meet what we believe is a temporary slowdown. Pyrosequencing is more focused than ever on reaching profitability. We remain confident in the long term commercial opportunities represented by the genomics revolution. Our cash position remains strong, as is our commitment to grow the business organically by penetrating the market with our new systems, and to develop and acquire complementary product lines."
Third quarter 2002 highlights include:
-- Received 15 new systems orders, 2 of which were upgrades; 23 systems were recorded as revenue;
-- Focused on profitability by expanding the Company's cost-savingsprogram to reduce cash expenses by approximately $7 million in 2003;
-- Signed two new agreements which provide access to importantintellectual property surrounding a unique nucleic acid technology, andto a gene that may be used to identify clinically relevant bacteria;
-- Demonstrated the broad applications of Pyrosequencing(TM)technology in a number of publications in major scientific journals andpresentations at industry conferences.
FOR FURTHER INFORMATION CONTACT:
Pyrosequencing AB Erik Wallden Theresa McNeely, Sr. Director President and CEO Investor/Public Relations +46 70 326 98 70 +1 877 797 6767 erik.wallden@pyrosequencing.com theresa.mcneely@pyrosequencing.com
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2002/10/24/20021024BIT01320/wkr0001.doc The full report
http://www.waymaker.net/bitonline/2002/10/24/20021024BIT01320/wkr0002.pdf The full report