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Trovagene Q1 Revenues Grow 14 Percent

NEW YORK (GenomeWeb) – Trovagene said after the close of the market on Tuesday that its revenues in the first quarter increased 14 percent year over year. 

For the three months ended March 31, the San Diego-based cell-free molecular diagnostics firm recorded $127,000 in total revenues, up from $111,000 in the year-ago quarter, easily beating analysts' average estimate of $80,000. 

Trovagene posted $125,000 in royalty income in the recently completed quarter compared to $111,000 a year ago. It also had $2,000 in diagnostic service revenues in Q1 2015 compared to none a year ago. 

Highlights during the quarter included a public offering of its shares in February that brought in $23 million in gross proceeds; a collaboration with Genomac for the early detection of emerging oncogene mutations associated with resistance to targeted lung and colorectal cancer therapies; and a collaboration with the University of California, San Diego Moores Cancer Center to determine the utility of Trovagene's Precision Cancer Monitoring platform for detecting EGFR mutations in lung cancer patients.

The firm reported a net loss of $7.2 million, or $.33 per share, in Q1 2015, compared to a net loss of $3.2 million, or $.17 per share, a year ago, and fell short of the consensus Wall Street estimate of a net loss of $.24 per share. 

Its R&D spending was up 57 percent year over year to $2.2 million from $1.4 million, while its SG&A costs grew 37 percent to $2.6 million from $1.9 million. 

Trovagene finished the first quarter with $44 million in cash and cash equivalents. 

"Cancer monitoring using genomics has [the] potential to significantly improve patient care, and we remain focused on establishing our PCM platform as the technology that oncologists depend on to manage disease with high precision," Trovagene CEO Antonius Schuh said in a statement. 

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