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DiagnoCure Q1 Revenues Dip 3 Percent

NEW YORK (GenomeWeb) - DiagnoCure today reported a 3 percent decrease year over year in its fiscal 2015 first quarter revenues.

For the three months ended Jan. 31, DiagnoCure's total revenues retreated to C$142,915 (US$131,529) from C$146,969 in the year-ago quarter.

Excluding the effects of currency exchange, total revenues decreased by 15 percent to C$112,381 for the first quarter of 2015 compared to C$132,178 in Q1 2014. This decrease is mainly attributable to a 32 percent year over year drop in PCA3 European royalty revenues, the firm said in a statement.

DiagnoCure's multimarker, urine-based diagnostic test was prospectively validated in 500 patients with an elevated prostate specific antigen blood test. The firm said it is in discussions with potential partners to market the test.

Net loss for the quarter was C$332,271, or C$.01 per share, compared to a loss of C$529,739, or C$.01 per share, in Q1 2014.

R&D spending fell 28 percent year over year to C$173,132 from C$239,803, while SG&A costs decreased 33 percent to C$271,259 million from C$403,001. This decrease in R&D expenses is attributable to the completion of the prostate cancer test multicenter prospective study, the Quebec City-based firm said.

DiagnoCure ended the quarter with C$1.8 million in cash, cash equivalents, and temporary investments.