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Response Genetics’ Q2 Revenues Climb 39 Percent

NEW YORK (GenomeWeb News) – Response Genetics reported today that its second quarter revenues increased 39 percent year over year as its pharmaceutical client revenue climbed 121 percent and revenues for its ResponseDX tests increased 10 percent.

For the three months ended June 30, the molecular diagnostics firm reported revenues of $5.3 million, up from $3.8 million.

“Our pharma segment continued to be strong and our Dx revenues continued to grow year over year while we concurrently increased our gross margin from 37 percent just a year ago to over 49 percent for the quarter," Thomas Bologna, Response Genetics’ chairman & CEO, said in a statement.

During the quarter, the company signed a contract with Blue Shield of California's provider network, giving members of the health plan access to the Los Angeles-based firm's test portfolio, which includes assays for colon, lung, and gastric cancer, among others.

Response Genetics’ net loss for the quarter declined to $1.3 million, or $.04 per share, from $2.7 million, or $.11 per share, for the second quarter of 2012.

Its R&D spending declined to $447,686 from $699,791, while its SG&A inched up to $3.4 million versus $3.3 million for the prior year second quarter.

The firm finished the quarter with $5.9 million in cash and cash equivalents.

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