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25 August, 2006 - 16:12 By Staff Reporter

Solexa set for revenue surge

Solexa is set for a significant surge in revenues after an enthusiastic feedback to early shipments of its genome analysis system.The Cambridge company began shipping the system during the second quarter and has placed multiple early access instrument systems in leading genome centres.

CEO John West says that one customer, after working with the system for approximately one month, has decided to take delivery of a second unit.

“We will invoice customers when we have met the early access product specifications, which we anticipate will occur later this year,” he said.

“Our early access program is designed to better prepare us for broad commercial launch of the Solexa Genome Analysis Syst-em,” said West.

“We are gaining valuable customer feedback that we expect to use to further enhance our system’s performance and robustness, and we are honing our operations and field support activities.

“We continue to anticipate making the system more broadly available in the autumn and are pleased with our growing order backlog.”

Other significant progress in Solexa’s preparations for full commercialisation includes the hiring of key management positions in sales, manufacturing and genomics services operations, as well as entering into reagent supply arrangements with Invitrogen and New England Biolabs.

Revenue for the quarter ended June 30 was $1.1 million (£599k) down from $1.4 million (£766k) year-on-year.

This doesn’t yet reflect any contribution from the new analysis system.

The net loss attributable to common shareholders for the 2006 second quarter was $9.8 million (£5.337m) – up from $9.4m (£5.2m) year-on-year. For the six months ended June 30, revenue was $1.9m (£1.04m), compared to $2m (£1.08m) for the six months ended June 30, 2005.

The net loss was $19.1m (£10.4m) for the first six months of 2006 compared to $15.2m (£8.28m) last time.

Solexa has cash and cash equivalents of $58m (£31.6m), up from $38.4m (£20.9m) on December 31.

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