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DiagnoCure Cuts Q2 Loss as Revenues Drop

NEW YORK (GenomeWeb News) – DiagnoCure reported after the close of the market yesterday that it had trimmed its net loss 24 percent, while its total revenues declined 9 percent for the firm's fiscal 2009 second quarter.

The molecular diagnostics maker generated total revenues of C$467,152 (US$423,727) for the three-month period ended April 30, compared to total revenues of C$516,109 for Q2 2008. Royalty revenues from Gen-Probe tripled to C$145,107 from C$46,591 year over year.

As part of an amended agreement with Gen-Probe during the quarter, DiagnoCure recorded a payment of C$148,400 — part of a US$500,000 Gen-Probe will pay in annual installments until certain milestones are met.

DiagnoCure's net loss declined to C$2.6 million, or C$.06 per share, from C$3.4 million, or C$.08 per share.

The Quebec City, Canada-based firm finished the quarter with cash, short-term investments, and long-term investments of C$14.1 million.