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Great Basin's Q3 Revenues Jump 83 Percent

NEW YORK (GenomeWeb) – Molecular diagnostics firm Great Basin Scientific reported after the close of the market Thursday that its third quarter revenues climbed 83 percent year over year due to sales of its Clostridium difficile test.

The Salt Lake City-based firm, which completed an $8 million initial pubic offering last month, reported revenues of $404,390 for the three months ended Sept. 30, up from $223,470 in the third quarter of 2013.

Great Basin's net loss for the quarter was $17.2 million, or $117.59 per share, versus a net loss of $2.4 million, or $21.02 per share, for Q3 2013. Excluding a non-cash derivative liability charge, its adjusted net loss per share was $22.83 compared to $21.02 for Q3 2013.

Its R&D spending increased to $1.4 million from $792,690, and its SG&A expenses were $1.1 million, flat with the third quarter of 2013.

The company noted that it recently signed a group purchasing deal with the Premier Healthcare Alliance to offer the firm's C. difficile assay to its members at a specially negotiated price. The test was cleared for marketing by the US Food and Drug Administration in the spring of 2012.

It also sells a sample-to-result molecular diagnostic system that runs its tests. In addition to the C. difficile test, Great Basin said that it has initiated a clinical trial for its Group B Strep assay.

"We offer our instrument, the analyzer, without upfront capital expense, and our C. diff assay is competitively priced," Great Basin President and CEO Ryan Ashton said in a statement. "Therefore, our system allows a wider range of hospitals to adopt molecular diagnostics. The ease-of-use of our system, combined with its ability to deliver both low-plex tests and multiplex panels, gives us a real market advantage."

Great Basin finished the quarter with $700,000 in cash and cash equivalents. It completed its IPO subsequent to the end of the quarter.