NEW YORK (GenomeWeb News) – MDxHealth today said that its revenues for the first half of 2013 doubled year over year.
For the six months ended June 30, total revenues reached €3.0 ($4.0 million), up from €1.5 million in the first half of 2012. All revenues came from commercial operations as MDxHealth received no government grants, the company said.
Its net loss rose to €6.0 million from €4.3 million a year ago. Operating expenses increased 25 percent to €7.6 million from €6.1 million as the company ramped up its US operations to support the commercialization of its ConfirmMDx for Prostate Cancer test and increased its R&D investments in new diagnostic tests.
The company said that the development of its second prostate cancer product, called InformMDx, is on target and it will begin validation studies of the test, which provides a prognostic assessment to differentiate aggressive from non-aggressive prostate cancer, in the first quarter of 2014.
It also noted that in June, Exact Sciences submitted the final module of its premarket approval application to the US Food and Drug Administration for its Cologuard colorectal cancer test. Upon approval by FDA and commercialization of the test by Exact, MDxHealth said it expects to receive milestone payments and royalties from the sale of Cologuard.
As of June 30, MDxHealth had €24.7 million in cash and cash equivalents. In late June, the company announced it raised €18 million in a private placement.
More recently, the Liege, Belgium-based firm signed agreements with MultiPlan and Three Rivers Provider Network to expand access to the ConfirmMDx test. It also inked a marketing deal with Bostwick Laboratories for the test, and announced an agreement with HistoGeneX to provide molecular diagnostic testing services to drug makers and oncologists.
Last month, New York gave approval to the company to market ConfirmMDx, making the test available in all 50 US states.