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DiagnoCure's Q1 Revenues Jump 90 Percent

NEW YORK (GenomeWeb News) – DiagnoCure today reported a 90 percent increase year over year in revenues for its fiscal first quarter of 2012.

For the period ended Jan. 31, revenues totaled C$556,158, (US$557,400) compared to C$292,878 a year ago. During the quarter, the Quebec City-based firm received C$268,567 from Signal Genetics for R&D services provided related to the Previstage GCC Colorectal Cancer Staging Test.

The firms inked deals in June granting Signal the rights to commercialize DiagnoCure's test and acquire its CLIA service laboratory. They also plan to develop additional genomic cancer tests.

DiagnoCure said that its royalty revenues in the first quarter increased to C$163,791 from C$161,790 a year ago.

The firm's R&D costs, net of investment tax credits rose to C$802,228, a 25 percent increase from C$643,711 a year ago, due primarily to services provided in support of the Previstage colorectal cancer test, DiagnoCure said. Its SG&A costs were reduced 14 percent to C$599,475 from C$696,066 a year ago.

The firm had a net loss of C$816,164, or C$.02 per share, compared to a net loss of C$1.4 million, or C$.03 per share, a year ago.