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Exhibit 99.2
[PRESS RELEASE]
Ciphergen Biosystems, Inc., 6611 Dumbarton Circle, Fremont, CA 94555
FOR IMMEDIATE RELEASE:
Ciphergen Biosystems, Inc. Investor Relations
Sue Carruthers Lilian Stern
510-505-2297 212-315-0145
[email protected] [email protected]
Ciphergen Forecasts Fourth Quarter Revenues
FREMONT, CA, JANUARY 8, 2001 - Ciphergen Biosystems, Inc. (NASDAQ: CIPH)
announced that its preliminary revenue forecast for the fourth quarter ending
December 31, 2000 will be approximately $3 million, or approximately 10-15%
below previous company expectations. This preliminary revenue forecast
constitutes an increase of approximately 50% over the fourth quarter of 1999,
and results in total revenue for the year ended December 31, 2000 of
approximately $9 million, an increase of approximately 80% over 1999. These
preliminary revenue estimates are subject to final accounting and audit
processes and, therefore, could change. Ciphergen plans to report final results
for the fourth quarter and fiscal year 2000 on February 8, 2001, at which time
we will hold a conference call to review activities during the quarter.
William Rich, President and CEO, commented: "We are pleased with our continuing
progress in expanding the market for our ProteinChip-Registered Trademark-
System and Arrays. System sales reached a new quarterly high, despite the fact
that several anticipated orders to the NIH and to academic customers which are
dependent on funding through NIH grants were negatively impacted during the
quarter by the political uncertainty in Washington which led to the NIH budget
for its fiscal year beginning October 1 not being approved until the final weeks
of December. That budget, when finally approved, calls for a 13% increase
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in funding for the NIH, but came too late in the quarter to permit several
expected sales to affected customers."
Other Fourth Quarter Highlights
- During the quarter, Ciphergen completed an initial study to discover
and identify potential biomarkers in the field of major depression in
conjunction with Mindsense Biosystems, Ltd., a company developing
diagnostics for major psychiatric illnesses. We have extended this work
into a larger project beginning in the first quarter of 2001.
- Ciphergen continued projects in prostate and bladder cancer with two
academic collaborators, and commenced a major collaboration with Johns
Hopkins aimed at the discovery of novel protein biomarkers in six major
cancers.
- In addition, we reached agreement with two multinational pharmaceutical
companies to conduct paid feasibility studies as potential precursors
to larger research collaborations. One of these projects focuses on
identifying biomarkers for toxicology and the other involves
identifying biomarkers that would be relevant to clinical trials
stratification (pharmacoproteomics). The actual work for these projects
will commence in the first quarter of 2001 and represent exciting
applications of our technology in drug development.
Ciphergen develops, manufactures and markets the ProteinChip-Registered
Trademark- System that enables protein discovery, characterization and assay
development to provide researchers with a better understanding of biological
functions at the protein level. The ProteinChip System is a novel, enabling
tool in the emerging field of protein-based biology research, known as
proteomics. Proteomics provides a direct approach to understanding the role
of proteins in the biology of disease, monitoring of disease progression and
the therapeutic effects of drugs. Ciphergen believes proteomics will be a
major focus of biological research by enhancing the understanding of gene
function and the molecular basis of disease. <PAGE>
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All statements herein that are not historical are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act, including
statements regarding Ciphergen's "intentions," "expectations," "beliefs,"
"strategies," "hopes," "may" or the like. Such statements are subject to risks
and uncertainties that could cause actual results to differ materially for
Ciphergen from those projected, including, but not limited to, uncertainties
related to final revenue results, the impact of NIH funding for potential
customers, the discovery and validation of biomarkers for disease diagnosis,
toxicology and clinical trial stratification, and the progression of initial
studies with other parties into larger research efforts. Ciphergen undertakes no
obligation to update such forward-looking statements. These and other risk
factors are discussed in greater detail in Ciphergen's Registration Statement on
Form S-1 as filed on September 29, 2000 and other securities filings with the
SEC available on the Edgar website.
CIPHERGEN and PROTEINCHIP are registered trademarks of Ciphergen Biosystems,
Inc.
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