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Response Genetics Cites Delay in Test Samples for Q4 Revenue Decline

NEW YORK (GenomeWeb News) – Response Genetics reported after the close of the market on Thursday that its fourth-quarter revenues fell 41 percent due primarily to a delay in receiving clinical samples from pharmaceutical customers.

The Los Angeles-based molecular diagnostics test developer and lab operator reported revenues of $1.4 million for the three-month period ended Dec. 31, compared to revenues of $2.4 million for the fourth quarter of 2007. The company said that it anticipates receiving those delayed clinical samples in 2009 through 2010.

Response Genetics posted a net loss of $3.4 million, or $.33 per share, versus a loss of $911,555, or $.09 per share, for the fourth quarter of 2007.

The company's R&D expenses dropped to $436,736 from $566,293, while its general and administrative spending climbed to $2.3 million from $1.3 million year over year.

Response Genetics also recognized an impairment charge of $893,826 related to its UK facility, which it closed in order to consolidate operations at its CLIA-certified lab in Los Angeles.

For full-year 2008, Response Genetics brought in revenues of $7.1 million, down 9 percent from revenues of $7.8 million for 2007. Its net loss for the year rose 86 percent to $9.5 million, or $.93 per share, from $5.1 million, or $.78 per share.

The firm's R&D expenses for 2008 fell to $2.2 million from $2.5 million, and its general and administrative spending jumped to $7.9 million from $5.2 million.

"Sales of our ResponseDX diagnostic tests are off to a promising start in 2009 with approximately 500 tests processed in the first quarter compared to approximately 300 tests processed in the fourth quarter of 2008 — a 60 percent increase in tests processed," Kathleen Danenberg, president and CEO of Response Genetics, said in a statement.

Response Genetics finished the year with $9.5 million in cash and cash equivalents.

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