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Trovagene

The new subsidiary will focus on expanding the company's liquid biopsy technology capabilities and growing European adoption of its platform.

Leerink took note of the liquid biopsy market opportunity of at least $10 billion and Trovagene's unique use of urine as a biofluid.

The company recorded a second quarter net loss of $10.2 million due primarily to increased operating expenses and changes in the fair market value of derivatives.

The company closed on the public offering of 4.6 million shares of its common stock at $8.75 per share.

The offering of 4 million shares is expected to close on or around July 22 with an option for the underwriters to buy an additional 600,000 shares.

Royalty income drove the year-over-year revenue growth, but the firm still fell short of the consensus Wall Street estimate on the bottom line. 

Despite the uptick in revenues, the firm's net loss widened on higher operating expenses and a change in the fair value of derivative instruments related to warrants.

The investment bank said that expected launches within the next two years for quantitative assays would bring Trovagene into larger and more profitable markets.

The company plans to offer 4.4 million shares of its common stock in the offering. 

The partners hope to detect EGFR mutations in lung cancer patients using Trovagene's Precision Cancer Monitoring platform.

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