Signal Genetics Q3 Revenues Move up 32 Percent

NEW YORK(GenomeWeb) – Signal Genetics said on Friday that its third quarter revenues increased 32 percent year over year. 

For the three months ended Sept. 30, the Carlsbad, Calif.-based cancer diagnostics firm said that revenues rose to $1.3 million from $983,589 in the year-ago quarter. 

"During the third quarter, we continued to execute on our business strategy by significantly growing our revenue, extending a key partnership and expanding our leadership team," Signal President and CEO Samuel Riccitelli said in a statement. 

During the quarter, the company hired Tamara Seymour as its CFO and Michael Cerio as senior vice president, commercial strategy and business development, and in September, it reached a deal to exclusively provide gene array clinical genetic testing services to the University of Arkansas for Medical Sciences. 

Signal's net loss for the third quarter rose to $1.6 million, or $.43 per share, from a net loss of $879,635, or $.35 per share, a year ago. The company went public in June and used about 3.8 million shares to calculate its loss on a per-share basis for the recently completed quarter, compared to 2.7 million shares in the year-ago period.

Its R&D spending was up to $76,214 from $46,604 year over year, while its SG&A spending more than doubled to $1.3 million from $535,444.

Signal finished the quarter with $6.4 million in cash and $50,236 in restricted cash, it said.