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MDxHealth's Q4 Revenues Climb 48 Percent

NEW YORK (GenomeWeb News) – MDxHealth today reported that its fourth-quarter 2011 revenues increased 48 percent year over year, driven by its pharmaco diagnostic business.

The Liege, Belgium-based firm reported Q4 revenues of €900,000 versus €600,000.

"The growth in revenues from our pharmaco diagnostic business in Q4 2011 of nearly 50 percent versus Q4 2010 represents continued validation and acceptance of our epigenetic technology and tests within the pharmaceutical industry," said MDxHealth CEO Jan Groen said in a statement. "Additionally, we made important strides in the development and validation of our ConfirmMDx for Prostate Cancer test and significantly advanced preparations for product launch in the coming months."

MDxHealth didn't provide its net earnings/loss for the quarter.

The firm reported full-year 2011 revenues of €2.7 million, up 8 percent from €2.5 million. Its full-year net loss declined to €6.9 million, or €.37 per share, from €8.3 million, or €.63 per share.

It trimmed its operating expenses for the year to €9.5 million from €10.5 million. The decline was due to a restructuring effort begun in 2010.

The molecular and companion diagnostics company finished the year with €11.1 million in cash and cash equivalents.

Two months ago, MDxHealth received CLIA certification for its lab in Irvine, Calif. Today, it said that it is currently building the sales and marketing infrastructure to support the launch of its ConfirmMDx for Prostate Cancer test in the US during the first half of this year.

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