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Response Genetics' Q2 Revenues Rise 16 Percent as It Searches for New CEO

NEW YORK (GenomeWeb News) – Molecular diagnostics firm Response Genetics today announced its second-quarter revenues increased 16 percent year over year to $6.7 million from $5.6 million a year ago.

The spike was due mainly to a 74 percent increase in pharmaceutical service revenues to $3.7 million from $2.1 million a year ago, the Los Angeles-based company said, while Response Dx genetic test revenues were down 15 percent to $3 million from $3.5 million, due to a one-time revenue adjustment of $1.5 million a year ago for the adoption of the accrual basis of accounting.

The firm's net loss for the quarter was skimmed to $87,344, or $.00 per share, from a loss of $425,038, or $.02 per share, a year ago.

Its R&D expenses contracted 75 percent year over year to $221,546 from $388,046 a year ago, but SG&A costs jumped 81 percent to $3.8 million from $2.1 million a year ago.

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

The company also disclosed today that Kathleen Danenberg stepped down as CEO on July 22 and was appointed by the company's board as founder and executive scientific and technology officer. Denise McNairn, vice president, general counsel, and secretary, is serving as interim CEO as the company searches for a permanent replacement.

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