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Response Genetics' Q1 Revenues Fall 32 Percent

NEW YORK (GenomeWeb News) – Response Genetics today reported a 32 percent drop year over year in its first-quarter revenues.

For the period ended March 31, the Los Angeles-based molecular diagnostics firm recorded $4 million in revenues, down from $5.9 million a year ago. The company attributed the drop to a decrease in its pharmaceutical-related business, while revenues from its Response DX genetic tests dropped to $3 million from $3.1 million.

Its net loss for the period spiked to $3.1 million, or $.14 per share, from $256,891, or $.01 per share, a year ago.

The firm's R&D spending increased to$569,955 from $164,342 a year ago due to an increase in personnel expenses and associated laboratory supplies and reagents related to increased activity, the company said. Its SG&A costs rose 15 percent to $3.8 million from $3.3 million.

Response Genetics Chairman and CEO Thomas Bologna said in a statement that during the quarter the company accomplished its goal of strengthening its balance sheet through a private placement that raised $7.8 million. Programs have been implemented and steps have been taken to "recover from the transition that the company faced in 2011," he said.

"While we appreciate that it will take time to achieve the results that we fully expect to deliver to our shareholders, we believe we are making good progress on what needs to be done and putting the team in place to make it happen," Bologna said.

Response Genetics ended the quarter with $5.7 million in cash and cash equivalents.

In early Thursday trading on the Nasdaq, the company's shares were down 6 percent at $1.86.

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