CIPH Ciphergen Biosystems (MM)

Ciphergen Forecasts First Quarter Revenues FREMONT, Calif., April 4 /PRNewswire-FirstCall/ -- Ciphergen Biosystems, Inc. (NASDAQ:CIPH) announced that it believes that revenue for the first quarter ended March 31, 2005 will be approximately $6.3-6.7 million, as compared to prior guidance of $8-9 million. This preliminary forecast is subject to final accounting and audit processes, and therefore could change. William E. Rich, President and CEO, commented: "We are disappointed with our anticipated sales results for the first quarter. To address this situation we have initiated a three point plan including: the appointment of Paul Smith as our new VP of North America and European Sales; a broad restructuring of our sales programs; and introduction of a new comprehensive corporate and divisional public relations strategy. We anticipate that the effects of these will be seen during the coming quarters and, combined with the solid progress of our Diagnostics Division, we remain enthusiastic about the future growth of the company as we continue to address the emerging biomarker proteomics research, pharma and diagnostic markets." Ciphergen plans to announce financial results for the first quarter on May 6, 2005, at which time we will hold a conference call to discuss those results as well as other activities at the company. About Ciphergen Ciphergen's Biosystems Division develops, manufactures and markets a family of ProteinChip(R) Systems and services for clinical, research, and process proteomics applications. ProteinChip Systems enable protein discovery, characterization, identification and assay development to provide researchers with predictive, multi-marker assay capabilities and a better understanding of biological function at the protein level. Ciphergen's Diagnostics Division is dedicated to the discovery of protein biomarkers and panels of biomarkers and their development into protein molecular diagnostic tests that improve patient care; and to providing collaborative R&D services through its Biomarker Discovery Center(R) laboratories for biomarker discovery for new diagnostic tests as well as pharmacoproteomic services for improved drug toxicology, efficacy and theranostic assays. Additional information about Ciphergen can be found at http://www.ciphergen.com/. Safe Harbor Statement Note Regarding Forward-Looking Statements: For purposes of the Private Securities Litigation Reform Act of 1995 (the "Act"), Ciphergen disclaims any intent or obligation to update these forward-looking statements, and claims the protection of the Safe Harbor for forward-looking statements contained in the Act. Examples of such forward-looking statements include statements regarding the projected revenue results for the first quarter of 2005, implementing new sales and marketing plans and reporting progress from the Diagnostics Division that are expected to improve ProteinChip System sales, the development of diagnostic tests that improve patient care and the providing of pharmacoproteomic services for improved drug toxicology, efficacy and theranostic assays. Actual results may differ materially from those projected in such forward-looking statements due to various factors, including the ability to recognize certain orders during the first quarter as revenue under the rules of SAB 104, the risk that competition may not only lengthen the sales cycle but also result in permanently lost orders, the risk that sales may not increase due to funding issues or competition, the risk that Ciphergen will not be able to validate biomarker discoveries and develop diagnostic tests that meet with commercial acceptance or that improve drug development. Investors should consult Ciphergen's filings with the Securities and Exchange Commission, including its Form 10-K dated March 22, 2005, for further information regarding these and the other risks of the Company's business. NOTE: Ciphergen, ProteinChip and Biomarker Discovery Center are registered trademarks of Ciphergen Biosystems, Inc. DATASOURCE: Ciphergen Biosystems, Inc. CONTACT: investors, Sue Carruthers of Ciphergen Biosystems, Inc., +1-510-505-2297 Web site: http://www.ciphergen.com/

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