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Response Genetics' Q1 Revenues Increase 59 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Increased use of its ResponseDx genetic tests drove up Response Genetics' first-quarter revenues 59 percent year over year, the company said today.

The Los Angeles-based cancer molecular diagnostic test developer said that for the three months ended March 31, revenues increased to $5.9 million from $3.7 million, in part due to an 82 percent increase in revenues associated with its ResponseDx tests for colon, lung, and gastric cancers.

During the quarter, ResponseDx revenues rose to $3.1 million from $1.7 million. Revenues from its pharma business doubled to $2.8 million.

The firm's net loss was $256,891, or $.01 per share, down from $2.1 million, or $.13 per share, a year ago.

Its R&D expenses plummeted 71 percent year over year to $164,342, while SG&A costs increased 6 percent to $3.32 million.

Response Genetics ended the quarter with $4.1 million in cash and cash equivalents.

Shares of the firm's stock on the Nasdaq rose 27 percent to $2.40 in early afternoon trading.

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