The company reported a net loss of $38.1 million, or $0.49 per share, for the full year 2008, compared to a net loss of $33.9 million, or $0.47 per share, for 2007.
Total revenues for the fourth quarter of 2008 were $9.5 million, slightly lower than the $9.8 million recorded in the same period in 2007. For the full year 2008, the company reported total revenues of $46.92 million, an increase of 23%, compared to $38.18 million for 2007.
Howard Birndorf, chairman and CEO of Nanogen, said: “Our strategy and related restructuring has clearly improved the performance of our business. However, our available cash resources are not adequate to support our 2009 plan and therefore, we are aggressively continuing our efforts with Cowen & Co to identify and evaluate strategic opportunities for our business. This effort is one of our highest priorities.”