Pyrosequencing AB Reports Half-Year Results for Period

UPPSALA, Sweden, Aug. 7, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm: PYRO A) (Other OTC:PYRSF) today reported results for the first six months and the second quarter 2003. Erik Wallden, President of Pyrosequencing, said:

"During the first six months sales increased by 13 percent compared to the same period last year. Excluding currency effects, the increase was 30 percent. The cost-savings program introduced last fall has had the intended effect and has resulted in a reduction of total expenses, excluding the net effect of balanced development costs, amounting to 53.6 MSEK or 35 percent compared to the same period last year. The integration of Corbett products has proceeded according to plan and in July the sales of these products started also in major European markets. We have today initiated an additional cost-savings program that will further reduce our operating expenses by approximately 70 MSEK on an annual basis from 2004. The Company has also focused development resources on products for sequencing of short DNA stretches, an area that we believe has a potential for growth in the coming years."

Highlights of the period include:

(Figures in brackets refer to the same period 2002)


 -- Sales increased by 13 percent to 41.2 MSEK (36.3 MSEK) during the
    first six months 2003. 
 -- Profit after tax for the period amounted to -72.7 MSEK (-82.5 MSEK).
 -- Earnings per share amounted to -2.08 SEK (-2.37 SEK) in the first six
    months of 2003. 
 -- A new cost-savings program implemented to lower the annual operating
    expenses by approx. 70 MSEK.
 -- Pyrosequencing acquired an ownership share of 17.5 % in Bio-Molecular
    Holdings, the holding company of Corbett Research and Corbett
    Robotics, at a total cost of 45.4 MSEK.
 -- The distribution agreement for Corbett's products was extended to
    cover also major European markets.

Pyrosequencing AB Reports Half-Year Results for Period Ended June 30, 2003

Pyrosequencing Acquires Personal Chemistry AB (see separate press release); Jeff Bork, Chairman of the Board, Appointed New CEO; New Cost-Savings Program in Pyrosequencing

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