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DiagnoCure Q1 Revenues Slide 70 Percent

NEW YORK (GenomeWeb News) – Cancer diagnostic development company DiagnoCure reported after the close of the market Monday a 70 percent reduction in revenues in its fiscal first quarter.

For the three months ended Jan. 31, the Quebec City-based company said it had C$167,916 (US$250,619) in revenues, down from C$556,158 a year ago. DiagnoCure attributed the sharp drop-off mainly to the termination of a development and licensing deal with Signal Genetics related to that firm's Previstage GCC colorectal cancer test, which provided DiagnoCure C$268,567 in revenues in the first quarter of Fiscal Year 2012.

In January, the two companies terminated the deal and DiagnoCure regained all commercial rights and control of the IP surrounding its GCC biomarker.

The company added that revenues in the recently completed quarter were also down as a result of discontinued payments from Hologic's Gen-Probe business related to a US Food and Drug Administration milestone being reached. DiagnoCure received its last milestone payment of C$123,800 in the first quarter of fiscal 2012.

Gen-Probe acquired the exclusive worldwide diagnostic rights to the PCA3 gene from DiagnoCure in late 2003, and in February 2012 the FDA approved Gen-Probe's Progensa PCA3 assay.

Royalty revenues from Gen-Probe in Q1 2013 increased 16 percent year over year to C$167,916 from C$145,012 a year-ago and represented all of the firm's revenues in Q1.

The company said it had operating expenses of C$698,116 in the recently completed quarter before stock-based compensation, depreciation, and amortization. In the year-ago period, DiagnoCure had operating expenses of C$1.1 million.

The firm's net loss was C$788,237, or C$.02 per share, compared to a net loss of C$822,704, or C$.02 per share, a year ago.

DiagnoCure finished the quarter with C$5.2 million in cash, cash equivalents, temporary, and long-term investments.