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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.