NEW YORK (GenomeWeb News) – BG Medicine today said that revenues for the first quarter rose more than eight-fold year over year, driven by a collaboration with Danish researchers to develop diagnostic biomarkers for heart attacks.
For the quarter ended March 31, revenues rose to $855,000 from $104,000 a year ago, a jump that the Waltham, Mass.-based biomarker firm attributed to the execution of Phase II of its High Risk Plaque Initiative started about three years ago to develop biomarkers that may be useful in predicting heart attacks caused by myocardial infarction or by the rupture of atherosclerotic plaque.
The company said that revenues during the quarter consisted primarily of revenue from sponsored research and its service business.
BG Medicine went public in February, raising net proceeds of around $34.8 million. Michael Rogers, CFO of the company, said today in a statement that proceeds will support sales of the manual version of its galectin-3 test in 2011 and 2012 as well as an anticipated launch of an automated version of the test next year.
Funds also will be directed at the development of other product candidates in BG Medicine's pipeline, Rogers added.
BG's R&D spending fell 29 percent to $1.7 million from $2.4 million a year ago, while SG&A costs dropped 17 percent to $2 million from $2.4 million.
The company posted a net loss of $3.1 million, or $.27 per share, down 45 percent from a loss of $5.6 million, or $1.99 per share, a year ago.
The company had $35.8 million in cash, cash equivalents, and restricted cash at the end of the quarter.
In early afternoon trading on Nasdaq, shares of BG Medicine climbed 2 percent to $7.45.