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DiagnoCure's Q3 Revenues Shrink 12 Percent

NEW YORK (GenomeWeb News) – Cancer diagnostics company DiagnoCure said on Thursday that revenues for its fiscal third quarter dropped 12 percent year over year.

For the three months ended July 31, the Quebec City-based firm posted C$304,288 (US$305,570) in revenues, down from C$347,130 a year ago. Research and licensing-related revenues were C$292,073 for the quarter, down from C$308,720 a year ago, while interest revenues fell to C$12,215 from C$38,410.

Royalty revenues decreased to C$168,273 from C$174,476 from a year ago. Royalty revenues from Gen-Probe — which licensed the right to the PCA3 gene from DiagnoCure to develop its Progensa PCA3 prostate cancer test — retreated to C$155,025 from C$162,660.

Excluding the effects of currency, royalty revenues for the San Diego firm increased 3 percent year over year to US$162,534 from US$158,076 on improved sales of the Progensa PCA3 assay in Europe and the US, DiagnoCure said.

The assay was approved for marketing in Canada in August and is currently under consideration by the US Food and Drug Administration. Gen-Probe recently announced a review by a panel of the agency has been pushed back and is now expected during the first quarter of 2012.

During the third quarter, DiagnoCure also received royalties of C$13,248 — up from C$11,816 a year ago — related to sales of a bladder cancer test distributed under the names ImmunoCyt and uCyt+ by Scimedx.

DiagnoCure recorded a profit of a little more than C$3 million, or C$.07 per share, for the quarter, compared to a loss of C$1.7 million, or C$.04 per share, from a year ago.

The company ended the quarter with C$8.8 million in cash, cash equivalents, temporary, and long-term investments.

Yves Fradet, president and chief medical officer of DiagnoCure, said in a statement that the earnings results for the third quarter reflect a new revenue source stemming from his firm's deal with Signal Genetics to commercialize DiagnoCure's colorectal cancer test, buy its CLIA service laboratory, and develop additional genomic cancer tests.

"Added to the royalty revenues from Gen-Probe on the PCA3 genomic biomarker for prostate cancer, DiagnoCure has now gained a financial base to leverage its core expertise in developing novel genomic cancer tests and take advantage of the fast expanding field of personalized medicine," Fradet said.

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