Skip to main content
Premium Trial:

Request an Annual Quote

DiagnoCure's Q4 Revenues Fall as Net Loss Widens

NEW YORK (GenomeWeb) – Canadian life sciences company DiagnoCure yesterday reported that its fourth quarter revenues declined to C$109,831 from C$122,254 year over year on lower royalties tied to its PCA3 biomarker.

The company reported a net loss of C$2.4 million, or C$.05 per share, in the fourth quarter, up sharply from a loss of C$461,710, or C$.01 per share, for Q4 2014.

The company attributed the Q4 net loss to a decrease in royalty revenue from its PCA3 prostate cancer biomarker assets. DiagnoCure sold those assets to Hologic's Gen-Probe subsidiary in December for C$5.5 million in cash and the repurchase of 4,900,000 series A convertible preferred shares of DiagnoCure valued at C$1 million.

The firm's research and development expenses increased to C$2.1 million in Q4 from C$275,110 for the same period in 2014. Its general and administrative costs increased to C$333,915 from C$287,204 year over year.

For its fiscal year 2015 ended Oct. 31, DiagnoCure's revenues were C$515,372 compared to C$553,140 for 2014. Without taking exchange rate variation into account, total revenues decreased by 22 percent to US$401,000 in 2015 compared to US$491,000 for 2014, the company said.

DiagnoCure reported a net loss of C$3.6 million, or C$.08 per share, for fiscal year 2015 compared to a net loss of C$2.0 million, or C$.05 per share, for FY 2014.

The yearly results also reflect restructuring charges incurred in 2015, a reduction in operating expenses implemented in the first quarter of 2015, and the completion of the multicenter prospective study of the firm's new multi-marker prostate cancer test.

The firm's research and development expenses increased to C$2.8 million in 2015 from C$1.1 million in 2014, while its general and administrative expenses decreased to C$1.2 million in 2015 from C$1.3 million in 2014.

DiagnoCure ended its fiscal year with cash and short-term investments of C$1.1 million.

The company's shares were down 8 percent to C$.12 in morning trading in Toronto.

The Scan

Study Follows Consequences of Early Confirmatory Trials for Accelerated Approval Indications

Time to traditional approval or withdrawal was shorter when confirmatory trials started prior to accelerated approval, though overall regulatory outcomes remained similar, a JAMA study finds.

Sequencing Study Leads to Vaccine Target in Bacteria Behind Neonatal Meningitis

Researchers eBioMedicine track down potential vaccine targets with transposon sequencing on mutant bacteria causing neonatal meningitis in mouse models of the disease.

Multiple Myeloma Progression Influenced by Immune Microenvironment Expression

Researchers in NPJ Genomic Medicine compare RNA sequencing profiles of 102,207 individual cells in bone marrow samples from 18 individuals with rapid or non-progressing multiple myeloma.

Self-Reported Hearing Loss in Older Adults Begins Very Early in Life, Study Says

A JAMA Otolaryngology — Head & Neck Surgery study says polygenic risk scores associated with hearing loss in older adults is also associated with hearing decline in younger groups.