Dutton Associates Announces Investment Opinion: Nanogen Strong Speculative Buy Rating In Update Coverage By Dutton Associates

ROSEVILLE, Calif.--(BUSINESS WIRE)--Dutton Associates updates its coverage of Nanogen (Nasdaq:NGEN) maintaining a Strong Speculative Buy rating and a $1.00 price target. The 12-page report by Dutton senior analyst Wayne T. Lottinville, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, and other leading financial portals.

Nanogen’s business is in vitro diagnostic testing. Its mission is to make the detection, diagnosis, and treatment and monitoring of an individual’s health easier and faster. Nanogen is currently developing products for two major diagnostic markets: molecular and point-of-care. The molecular diagnostic market is about $2.5 billion a year with a projected 15 percent annual growth rate. Rapid point-of-care diagnostics make up a $2 billion market. Within these two markets, Nanogen offers advanced in vitro diagnostic tests for infectious diseases and cardiac testing. We believe that investors are only now discovering the “new” Nanogen. The new Nanogen appears to have solid market opportunities before it and the managerial wherewithal to capitalize on those opportunities. If management is able to raise additional capital and deliver on its milestones, today’s shareholders are likely to experience a healthy return on their investment. In addition, Nanogen’s institutional ownership is now about eight percent, compared with an average of 76 percent for comparable companies. Management predicts that Nanogen should reach cash-flow breakeven on a modified-EBITDA basis by the end of 2008, and we think they have a very reasonable chance of success.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrolment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 2/22/2008. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.