Exiqon A/S (Exiqon), an in vitro diagnostics company, has reported revenues of DKK128.3 million for the full year of 2008, up 159%, compared to an expected DKK120-130 million. Research product sales grew organically by 43%. The net loss for 2008 was DKK115.4 million compared to an expected loss of DKK115-125 million.
In spite of the current macroeconomic environment, Exiqon expects 2009 to be another year with strong organic growth. Product demand remains strong and we will continue to invest in sales and marketing activities and in the development of our diagnostic pipeline. For 2009, total revenue of DKK175-200 million is expected, of which Exiqon Diagnostics is expected to contribute DKK70-80 million and Exiqon Life Sciences, including revenue from Exiqon Pharma Services, is expected to contribute DKK105-120 million. The net loss for the year 2009 is expected to be DKK120-135 million including costs of expensed incentive programs.
Exiqon maintains its overall long term financial goal of reaching profitability with its current capital resources in 2011 and a cash flow positive Life Sciences business by end 2009.