NEW YORK (GenomeWeb News) – Molecular diagnostics developer Trovagene reported after the close of the market Tuesday that its first-quarter revenues increased to $119,000 from $34,000.
The company said that during the quarter it started a pilot launch of a urine-based molecular diagnostic test for human papillomavirus, it extended a planned offering of its urine-based oncogene mutation tests targeting the hepatitis B virus, and it expanded a clinical collaboration with the University of Texas MD Anderson Cancer Center to include the detection of transrenal BRAF mutations in the urine of patients with advanced metastatic cancers.
The San Diego-based firm posted a net loss of $1.1 million, or $.07 per share, for the three months ended March 31, compared to a loss of $1.2 million, or $.11 per share, for Q1 2012.
The company said that the decrease in net loss was primarily due to a change in the fair market value of derivative instruments, but added that the reduction was offset by the increase in operating expenses.
Trovagene's R&D spending swelled to $802,000 from $337,000 year over year, and its general and administrative costs more than doubled to $1.7 million from $827,000.
Trovagene finished the quarter with $9.2 million in cash and cash equivalents.