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Response Genetics' Q3 Revenues Climb on ResponseDx Uptick

NEW YORK (GenomeWeb News) – Response Genetics reported after the close of the market Monday that its third-quarter revenues increased 15 percent as sales of its ResponseDx tests rose sharply quarter to quarter.

The Los Angeles-based molecular diagnostics firm brought in total revenues of $2.3 million for the three-month period ended Sept. 30, compared to $2 million for the third quarter of 2008. It said that revenues from its ResponseDx: Lung and ResponseDx: Colon tests, which were launched in the third quarter of 2008, more than doubled compared to the second quarter of 2009.

"This increase was driven by the rapid adoption of our diagnostic tests by oncologists and the addition of EGFR mutational analysis to the ResponseDX: Lung panel," Kathleen Danenberg, Response Genetics' president and CEO, said in a statement. "This addition doubled our reimbursement from payors from approximately $1,000 to $1,950."

The firm also recently launched its ResponseDx: Gastric panel, which helps physicians make treatment decisions for patients with gastric and gastroesophageal junction cancer.

Response Genetics' net loss declined 9 percent year over year to $2 million, or $.14 per share, from $2.2 million, or $.21 per share.

Its R&D expenses increased to $726,696 from $410,469, while its SG&A spending increased to $2.2 million from $2.1 million.

Response Genetics reported cash and cash equivalents of $9.3 million as of the end of the third quarter.

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