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Decrease in Pharma Business Drives Response Genetics' Q3 Revenues Down 10 Percent

NEW YORK (GenomeWeb News) – Driven by a downswing in revenues from its pharmaceutical clients, Response Genetics today said that third-quarter revenues dipped 10 percent year over year to $5.1 million.

Revenues for the three months ended Sept. 30 compare to $5.6 million for the third quarter a year ago.

While revenues derived from sales of its ResponseDx genetic tests increased 10 percent to $3.3 million from $3 million a year ago, pharma-related revenues slid 31 percent to $1.8 million from $2.6 million.

The firm's spending on R&D increased to $452,734, up 42 percent from $319,271 a year ago, while SG&A costs of $3.5 million represented a 3 percent decrease from $3.6 million in Q3 a year ago.

Response Genetics' net loss for the quarter increased to $1.4 million, or $.07 per share, from a net loss of $1.1 million, or $.06 per share, a year ago. The Los Angeles-based molecular diagnostics firm reported a foreign currency exchange loss of $25,593 during the quarter, compared to a gain of $9,045 for the third quarter of 2010.

As of Sept. 30, the company had $2.5 million in cash and cash equivalents.

During the quarter, Response Genetics added seven people to its sales staff, interim CEO Denise McNairn said in a statement, adding that more additions are expected. The company also said that it is progressing in its search for a permanent CEO and "a number of strong candidates" have been identified.

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