UPPSALA, Sweden, Feb. 20, 2003 (PRIMEZONE) -- Pyrosequencing AB (Stockholm:PYROa) (Other OTC:PYRSF) today reported fourth quarter and year-end results for the period ended December 31, 2002.
Erik Wallden, President and CEO of Pyrosequencing, commented: "Pyrosequencing made important progress in 2002 against a background of tough market conditions. We expanded our product offering, strengthened the intellectual property position and formed key industrial and academic alliances. The Company took important steps to focus on our core strengths and reduce losses, moving toward profitability. We launched two major products broadening our technology applications, throughput capabilities, and enhancing cost efficiency for customers. These products, and the new distribution agreement with Corbett announced in early 2003, significantly extend our product offering and will maximize the returns from our global sales force. Scientific publications supporting the use of Pyrosequencing(TM) technology are mounting, especially in the growing application areas of pharmacogenomics, clinical genetics, microbiology and oncology. With market-driven products we maintain our advantage in delivering high- quality solutions for Applied Genomics."
Highlights include:
-- Received 30 new systems orders in Q4; 35 systems were recorded as
revenue
-- Attracted industry thought-leaders Genzyme, Bristol-Myers Squibb,
Schering-Plough, and the National Center for Genotyping in France,
bringing our installed base to nearly 250 systems worldwide
-- Introduced a new multi-applications system and a high sensitivity
DNA analysis platform with vacuum prep tool that streamlines sample
preparation
-- Demonstrated competitive edge by reducing reagent prices
-- Expanded our intellectual property position with access to nucleic
acid technology and to a new infectious disease target gene
-- Significant expense reduction program implemented with cash savings
to be recognized in 2003
-- Closed the year with $54.3 million in cash and marketable securities
FOR FURTHER INFORMATION CONTACT:
Pyrosequencing AB
Erik Wallden Theresa McNeely, Sr. Director
President and CEO Investor/Public Relations
+46 70 326 98 70 +1 508 870-1112
erik.wallden@pyrosequencing.com theresa.mcneely@pyrosequencing.com
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