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Response Genetics Posts 147 Percent Revenue Growth for Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Response Genetics today reported that its third-quarter revenues increased 147 percent year over year, driven by sales of its ResponseDX genetic tests.

The Los Angeles-based firm reported total revenues of $5.6 million for the three-month period ended Sept. 30, compared to $2.3 million for Q3 2009. Sales for the firm's ResponseDX genetic tests rose 226 percent year over year to $3 million from $900,000, the firm said. It added that revenues derived from pharmaceutical clients were $2.6 million, up 92 percent from $1.4 million in Q3 2009.

Response Genetics posted a net loss of $1.1 million, or $.06 per share, down sharply from a net loss of $2 million, or $.14 per share, for the third quarter of 2009.

Its R&D spending dropped to $319,271 from $726,696, while its SG&A expenses jumped to $3.6 million from $2.3 million.

Response Genetics had $5.4 million in cash and cash equivalents as of the end of the quarter.

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