CONCORD, Calif.--(BUSINESS WIRE)--Cerus Corporation (NASDAQ:CERS) announced today financial results for the fourth quarter and year ended December 31, 2008. Total revenue for the year ended December 31, 2008, was $16.5 million, an increase of 49% from $11.0 million in 2007. Product revenue for the INTERCEPT Blood System increased to $15.5 million during 2008, up 94% from $8.0 million during 2007. The Company recognized $1.0 million in government grant funding in 2008, $2.0 million less than in the prior year. Cost of product sales was $9.7 million in 2008, up from $5.2 million in 2007. Gross margins on product sales were 38% in 2008, up from 35% in 2007. Total operating expenses for 2008 were $37.4 million, down 24% from $49.0 million in 2007, with 11% higher selling, general and administrative expenses in 2008 associated with the Company’s commercialization efforts of the INTERCEPT Blood System in Europe, offset by 32% lower research and development expenses year over year. Operating expenses in 2007 also included a $9.5 million non-cash write-down of the Company’s equity holding in BioOne.
