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Signal Genetics Reports 18 Percent Increase in Q2 Revenues

NEW YORK (GenomeWeb) – Cancer diagnostics firm Signal Genetics on Thursday reported an 18 percent year-over-year increase in its second quarter revenues.

In a form 10-Q filed with the US Securities and Exchange Comission, the New York-based company, which went public in June, said that it had revenues of $1.3 million for the three months ended June 30,, compared to $1.1 million in the year-ago quarter.

It also said that it raised net proceeds of about $6.1 million from its IPO.

Its net loss for the second quarter was $3.3 million, or $1.13 per share, compared to a net loss of $539,691, or $.24 per share, a year ago.

The company slashed its R&D spending to $9,023 from $22,820 a year ago, while its SG&A costs were trimmed 2 percent to $525,465 from $537,403. Signal Genetics said that the decrease in R&D costs resulted from the abandonment of certain research projects that were deemed unviable.

The company finished the quarter with $7.7 million in cash and cash equivalents.