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Trovagene Q4 Revenues Improve 19 Percent

NEW YORK (GenomeWeb) – Trovagene said after the close of the market on Thursday that its fourth quarter revenues increased 19 percent year over year. 

The San Diego-based developer of cell-free molecular diagnostics said it posted $56,000 in revenues for the three months ended Dec. 31, 2014, up from $47,000 in the year-ago quarter. 

It had a net loss of $4.7 million, or $.25 per share, in Q4 2014, compared to a net loss of $1 million, or $.05 per share, in the year-ago quarter. The company said that the uptick resulted from an increase in total operating expenses and a change in the fair value of derivative instruments related to warrants of $1.6 million. 

The company's R&D spending rose 39 percent year over year to $1.8 million in the recently completed quarter from $1.3 million in Q4 2013, while its SG&A costs were up 69 percent to $2.7 million from $1.6 million. 

Trovagene said that it recorded $280,000 in revenues for full-year 2014, an 8 percent increase from $259,000 in 2013. 

Its net loss for 2014 was $14.3 million, or $.76 per share, compared to a net loss of $11.8 million, or $.70 per share, in 2013. The increase was due to higher total operating expenses, which were partially offset by a change in the fair value of derivative instruments related to warrants of $2.5 million. 

Trovagene increased its R&D spending 72 percent to $6.7 million from $3.9 million, and its SG&A costs jumped 21 percent to $8.5 million from $7 million. 

Trovagene exited 2014 with $27.3 million in cash and cash equivalents. Subsequent to the end of last year, the company raised $23 million in a public offering of its shares. 

"In 2015, we expect to drive clinical adoption by releasing new mutation assays into our CLIA lab, publishing and presenting additional clinical study results featuring the performance of our tests in major cancer indications, and commercializing our assays with a focused oncology sales force," Trovagene CEO Antonius Schuh said in a statement. 

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