NEW YORK (GenomeWeb) – Trovagene announced Thursday after the close of the market that its third quarter net loss widened as its revenues inched up to $57,000 from $44,000 in Q3 2014.
The firm posted a net loss of $5.4 million, or $.28 per share, for the three months ended Sept. 30, as compared to a net loss of $4.4 million, or $.25 per share, in Q3 2014.
The increased loss is primarily due to an increase in operating expenses as compared to a year ago, the firm said in a statement.
Its R&D spending rose 117 percent to $2.0 million, up from $916,000, and its SG&A spending fell 9 percent to $2 million from $2.2 million.
San Diego-based Trovagene is developing a cell-free molecular diagnostic platform for the detection and monitoring of DNA in urine, offering physicians a non-invasive method to determine mutations and monitor response to cancer.
Trovagene CEO Antonius Schuh said that the firm's cell-free cancer diagnostic assay is gaining recognition within the medical community. "Recently published data in the journal Cancer Discovery demonstrates that urinary cell-free DNA can outperform tissue biopsy for the detection of the BRAF V600E mutation," Schuh said.
The firm also recently expanded its relationship with Memorial Sloan-Kettering to include a new clinical study evaluating its precision cancer monitoring platform in lung cancer.
Trovagene finished the quarter with cash and cash equivalents of $31.2 million.