NEW YORK (GenomeWeb News) – Trovagene today reported that its third-quarter revenues climbed to $211,000 from $55,000, as the firm nears the launch of its first molecular diagnostic tests.
The San Diego-based firm said that it received a milestone payment of $150,000 during the quarter. It said in August that had achieved an intellectual property milestone under its license agreement with Qiagen subsidiary Ipsogen, triggered by the issuance of a US patent cover the diagnostic use of nucleophosmin protein mutations in patients with acute myeloid leukemia.
It posted a net loss of $650,000, or $.05 per share, for the three months ended Sept. 20, compared to a profit of $9,000, or $.00 per share, for Q3 2011. The third quarter of 2011 included a gain of $623,000 from extinguishment of debt.
Trovagene's R&D spending more than doubled to $511,000 from $201,000, and its general and administrative costs increased to $739,000 from $586,000.
"We are on track to offer our first molecular diagnostic test for the detection of oncogene mutations in the urine of cancer patients as well as a proprietary urine-based HPV test by the end of the year," Trovagene CEO Antonius Schuh said in a statement.
During the quarter, Trovagene licensed to Quest Diagnostics non-exclusive rights to incorporate the nucleophosmin protein (NPM1) into its research and testing services for acute myelogenous leukemia. It also has a deal with Strand Life Sciences to validate and offer its HPV assay in India and countries in the South Asian Association for Regional Cooperation.
Trovagene finished the third quarter with $7.8 million in cash and cash equivalents.