NEW YORK (GenomeWeb) – Trovagene said after the close of the market on Thursday that its second quarter revenues were up 14 percent year over year as it sharply narrowed its losses.
The San Diego firm posted $56,000 in revenues for the three months ended June 30, up from $49,000 in the year-ago quarter ago.
It cut its net loss to $1.1 million, or $.06 per share, in the recently completed quarter from a net loss of $5.3 million, or $.34 per share, in Q2 2013. The improvement in the net loss figure was driven mainly by changes in the fair market value of derivative instruments in the second quarter of 2014, compared to a year ago, Trovagene said.
Its R&D costs rose 56 percent year over year to $1.4 million from $944,000, and its SG&A spending climbed 27 percent to $1.9 million from $1.5 million.
In the second quarter, Trovagene announced deals with two Northwestern University institutions and the Dana-Farber Cancer Institute to assess the utility of its urine-based cell-free oncogene mutation monitoring technology. It also assigned all of its miRNA patents to London-based firm GenSignia IP and licensed back the technology. And last month, the company announced a $15 million debt facility secured from Silicon Valley Bank and Oxford Finance.
In a statement, Trovagene CEO Antonius Schuh said that the company "is continuing to demonstrate the benefits of our precision cancer monitoring platform and is progressing toward our commercial rollout later this year. … Our recent debt financing strengthens our balance sheet and positions us to execute on our business plan and increase shareholder value."
Trovagene exited the second quarter with cash and cash equivalents of $34.7 million.