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MDxHealth Posts 2010 Revenues of $3.4M, Cuts Loss

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – MDxHealth today reported that its total revenues for full-year 2010 were flat with 2009 at €2.5 million ($3.4 million), as the firm sharply cut its net loss.

The Liege, Belgium-based molecular diagnostics firm reported revenues of nearly €2 million from products and services, up from around €1 million in 2009. Its grant revenues declined to €568,000 from €1.5 million.

MDxHealth said that its products and services revenues were the result of up-front payments from new agreements with Pfizer, GSK Biologicals, Exact Sciences, Takara, and Predictive Biosciences, as well as volume growth in clinical service testing provided to pharmaceutical companies using its biomarkers. The firm's grant revenue decreased in 2010 as the firm shifted its focus to end-product development from early-stage research.

MDxHealth trimmed its fill-year net loss to €8.3 million, or €.63 per share, from €14.3 million, or €1.08 per share.

"We made excellent progress in our collaborative efforts towards the development of companion diagnostics with major pharmaceutical companies and in developing our own proprietary prognostic and predictive tests," MDxHealth CEO Jan Groen said in a statement. "In addition, we successfully out-licensed some of our non-core assets to companies that are able to further develop these assets and drive them forward to commercialization stage."

Among the three companion diagnostics deals that it entered during the year were agreements with GlaxoSmithKline Biologicals for its immunotherapeutic oncology program, Merck Serono for brain cancer, and Pfizer for PARP inhibition in breast and ovarian cancers.

MDxHealth finished the year with €10.6 million in cash and cash equivalents.

In 2011, the firm intends to validate its prostate products to be launched in 2012-2013 and establish its own US-based CLIA-certified service laboratory in the fourth quarter.

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