Monogram Biosciences (MGRM) Reaffirms FY08 Sales Guidance; Provides Update on Oncology Programs

October 7, 2008 8:24 AM EDT

Monogram Biosciences, Inc. (Nasdaq: MGRM) today reaffirmed its FY08 guidance for sales in excess of $60 million.

William Young, Monogram's CEO, said, "We continue to make progress in both our HIV and Oncology programs. Our revenues have been at record levels in the first half of this year and we reaffirm our guidance for revenues to be greater than $60 million for the year, growth of over 40% over 2007. We expect further revenue growth in 2009 from Trofile(TM), our patient selection assay for the CCR5 antagonist class of HIV drugs."

"We also expect HERmark(TM), our recently launched breast cancer assay, to contribute to revenue in 2009," continued Young. "Our oncology sales team is in place and initial HERmark tests have been performed for patients determined by existing technologies to be HER2-negative. As our prior clinical data suggests, these patients include some who have now been reclassified by HERmark as HER2 positive. We are pleased with the reaction to date of the oncology community to HERmark. We expect to enhance HERmark during 2009 with clinical data related to Herceptin response upon completion of our clinical studies, which are progressing well, and with the introduction of an additional marker that may provide an indication of Herceptin(R) resistance, for example in patients where combination therapy may be appropriate. Development work on VeraTag(TM) assays for heterodimers of HER1:HER2 and HER2:HER3, the HER1:HER1 homodimer as well as for p95, a truncated form of HER2, and the HER3/PI3K complex is proceeding well and we expect to present data on several of these assays later in 2008."

Monogram Biosciences, Inc., a life sciences company, engages in the development and commercialization of molecular diagnostic products for the treatment of infectious diseases, cancer, and other diseases in the United States.

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