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Response Genetics' Revenues Increase 4 Percent on PGx Test Sales

NEW YORK (GenomeWeb News) – Response Genetics reported after the close of the market Thursday that its second-quarter revenues increased 4 percent on strong sales growth for its ResponseDx pharmacogenomic tests.

The Los Angeles-based firm reported total revenues of $1.9 million for the three-month period ended June 30, up from $1.8 million for the second quarter of 2008. It said that sales of its ResponseDx genetic tests increased 70 percent from the previous quarter to a total of $446,000.

"We are pleased to see that ResponseDX revenue is beginning to show a positive impact on our overall business," Kathleen Danenberg, Response Genetics' president and CEO, said in a statement. "Our ResponseDX revenue increased 70 percent over the first quarter 2009, with a current run rate of more than 1200 tests per quarter. Furthermore, the expansion of our lung panel to include EGFR mutation analysis will approximately double its reimbursement rate."

Response Genetics' net loss for the quarter was $2.3 million, or $.19 per share, compared to $2.2 million, or $.21 per share, for the second quarter of 2008.

Response Genetics' R&D spending for the quarter was $433,107, down from $705,159 for the comparable period a year earlier. Its SG&A costs rose to $2.4 million from $1.9 million year over year.

The firm finished the quarter with $7 million in cash and cash equivalents.

In early Friday trade on the Nasdaq, shares of Response Genetics were unchanged at $2.16.

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