Nanogen Receives $25 Million Equity Financing Commitment

    SAN DIEGO, May 10 /PRNewswire-FirstCall/ -- Nanogen, Inc. (Nasdaq:  
 NGEN), developer of advanced diagnostic products, announced today that it
 has received a commitment for up to $25 million in common stock equity
 financing from Azimuth Opportunity Ltd. Subject to the terms and conditions
 of a purchase agreement between Nanogen and Azimuth Opportunity, over the
 next eighteen months, Nanogen may sell registered shares of its common
 stock, at its discretion, to Azimuth Opportunity at a small discount from
 market price.
     The shares of common stock are being offered pursuant to an effective
 registration statement filed with the SEC on June 20, 2005 and a related
 registration statement filed with the SEC on May 9, 2006 pursuant to Rule
 462(b) of the Securities Act of 1933, as amended.
     This press release shall not constitute an offer to sell or the
 solicitation of an offer to buy, nor shall there be any sale of these
 securities in any state or jurisdiction in which such offer, solicitation
 or sale would be unlawful prior to registration or qualification under the
 securities laws of any such state.
     About Nanogen, Inc.
     Nanogen's advanced technologies provide researchers, clinicians and
 physicians worldwide with improved methods and tools to predict, diagnose,
 and ultimately help treat disease. The company's products include real-time
 PCR reagents, the NanoChip(R) electronic microarray platform and a line of
 rapid, point-of-care diagnostic tests. Nanogen's ten years of pioneering
 research involving nanotechnology holds the promise of miniaturization and
 continues to be supported for its potential for diagnostic and biodefense
 applications. For additional information please visit Nanogen's website at
 www.nanogen.com.
     Nanogen Forward-Looking Statement
     This press release contains forward-looking statements that are subject
 to risks and uncertainties that could cause actual results to differ
 materially from those set forth in the forward-looking statements,
 including whether patents owned or licensed by Nanogen will be developed
 into products, whether the patents owned by Nanogen offer any protection
 against competitors with competing technologies, whether products under
 development can be successfully developed and commercialized, whether
 results reported by our customers or partners can be identically
 replicated, and other risks and uncertainties discussed in Nanogen's Form
 10-K or Form 10-Q most recently filed with the Securities and Exchange
 Commission. These forward-looking statements speak only as of the date
 hereof. Nanogen disclaims any intent or obligation to update or revise
 these forward-looking statements, whether as a result of new information,
 future developments or otherwise.
 
 

SOURCE Nanogen, Inc.

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