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news.Nanosphere, Inc. (Nanosphere), a US based medical device company, has reported total revenues of $0.25 million for the first quarter of 2009, compared with the total revenues of $0.57 million in the year-ago quarter. It has also reported a net loss of $8.1 million, or $0.37 loss per share, for the first quarter of 2009, compared with the net loss of $8.7 million, or $0.40 loss per share, in the year-ago quarter.
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“We have a strong pipeline of new products in the FDA, additional new products coming through the development process, such as our troponin assay, but our marketing efforts have been hampered by delays in new product clearances. While disappointed with these unanticipated delays, we remain excited about our ability to deliver significant value from our technology platform,” said William Moffitt, Nanosphere’s president and chief executive officer.
For the first quarter of 2009, research and development expenses decreased to $4.8 million from $5.9 million in the first three months of 2008. The $1.1 million drop in research and development expenses reflected successful completion of specific programs related to cartridge development and manufacturing scale up.
Sales, general and administrative expenses were $3.1 million in the first quarter of 2009 against the $3.4 million in the first quarter of 2008.