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Exagen Records Sharp Increase in Revenues for First Nine Months of 2014

NEW YORK (GenomeWeb) – Exagen Diagnostics said in a regulatory document that its revenues through the first nine months of 2014 grew almost four-fold year over year.

The company, which filed in September with the US Securities and Exchange Commission for a $69 million initial public offering, said in an amended Form S-1 on Friday that it had $7.4 million in revenues for the nine months through Sept. 30, up from $2.0 million in the comparable period a year ago.

It had a net loss of $12.4 million in the first nine months of 2014, up from a net loss of $7.0 million in the year-ago period.

Exagen said it had $7.1 million in cash and cash equivalents as of Sept. 30.

The Vista, Calif.-based firm is developing diagnostics for autoimmune rheumatic diseases. Its lead test is Avise SLE+CT for diagnosing patients with autoimmune rheumatic diseases, such as system lupus erythematosus (SLE), rheumatoid arthritis, Sjögren's syndrome, scleroderma, and disorders that mimic autoimmune rheumatic diseases. Based on a blood draw, the test allows physicians to rule in or rule out SLE and provides information about the presence of other autoimmune rheumatic diseases.

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