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Trovagene Q3 Revenues Decline

NEW YORK (GenomeWeb News) – Trovagene reported after the close of the market Thursday that its third quarter revenues fell to $44,000 from $211,000 year over year.

All of the firm's revenues were derived from royalties, a company official said on a conference call following the release of the results.

Trovagene posted a net loss of $4.4 million, or $.25 per share, for the three month period ended Sept. 30, compared to a net loss of $660,000, or $.05 per share, for Q3 2012.

The company's R&D costs increased to $916,000 from $511,000, while its SG&A expenses tripled to $2.2 million from $739,000.

The San Diego-based molecular diagnostics firm recently launched its first oncogene mutation detection test, a cell-free BRAF detection test. Earlier in the year, it had launched its urine-based assay for human papillomavirus detection.

Trovagene CFO Stephen Zaniboni said on the call that during the remaining part of 2013 Trovagene will continue to develop and assay for detection of oncogene mutations in parallel, including an assay for detection of KRAS mutations that it hopes to launch by the end of this year.

Trovagene finished the quarter with $27.8 million in cash and cash equivalents.

Part of that cash came from a $15 million registered direct offering that the firm completed in July.

In Friday morning trade on the Nasdaq, shares of Trovagene were down a little more than 1 percent at $5.42.

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