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Payment from Gen-Probe Drives Sharp Q2 Revenue Increase for DiagnoCure

NEW YORK (GenomeWeb News) – Cancer diagnostics company DiagnoCure's fiscal second-quarter revenues more than tripled, it reported after the close of the market on Wednesday, driven in part by a milestone payment from Gen-Probe.

For the three months ended April 30, Quebec City-based DiagnoCure recorded C$1.1 million (US$1.1 million) in revenues, up from C$310,907 in the year-ago period.

The recent quarter includes a milestone payment from Gen-Probe of C$502,600 subsequent to the US Food and Drug Administration's approval of Gen-Probe's Progensa PCA3 assay, the first molecular test for prostate cancer to aid physicians in evaluating the need for repeat prostate biopsies in men who have had a previous negative biopsy. Gen-Probe acquired the exclusive worldwide diagnostic rights to the PCA3 gene from DiagnoCure in late 2003.

In the year-ago period, DiagnoCure received C$123,801 as part of an annual payment from Gen-Probe based on an amended agreement between the two firms reached in 2009.

In Q2 2012, total royalty payments to DiagnoCure slid 7 percent year over year to C$173,264 from C$187,106. Royalty payments from Gen-Probe increased to C$168,663 from C$163,840, but royalty payments from Scimedx related to bladder cancer tests distributed under the names ImmunoCyt and uCyt+ fell to C$4,601 from C$23,266, DiagnoCure said.

The company also received C$387,267 in R&D services from Signal Genetics associated with the Previstage GCC Colorectal Cancer Staging Test.

DiagnoCure's R&D expenses during Q2 2012 slid to C$694,950 from C$721,350 a year ago, while SG&A costs decreased to C$562,700 from C$621,063.

The firm's net loss from continuing operations for the quarter came in at C$270,147, or C$.01 per share, compared to a net loss of C$1.1 million, or C$.02 per share a year ago.

DiagnoCure ended the quarter with C$7.4 million in cash, cash equivalents, temporary, and long-term investments, it said.