Skip to main content
Premium Trial:

Request an Annual Quote

MDxHealth's Q1 Revenues Plunge 47 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – MDxHealth today reported today a 47 percent drop in revenues year over year for the first quarter.

The Belgian molecular diagnostics firm said that revenues totaled €335,000 ($477,000) for the three months ended March 31, compared to €634,000 a year ago.

In a statement, the company attributed the decline in revenues to its shift from basic research to molecular diagnostics development, which resulted in a drop in grant revenues. During 2010, MDxHealth discontinued early-stage R&D projects that were not in line with its new strategy to develop clinical diagnostics and partner on companion diagnostic projects with pharmaceutical firms, the company said.

Its net loss for the quarter shrank 17 percent to €2 million from €2.4 million a year ago.

Jan Groen, CEO of MDxHealth, cited recent progress on the company's companion diagnostic development programs, which included a deal with Pfizer to develop a test to predict response to PARP inhibitors, as well as an investment round that raised €8.2 million. The funds will be used to set up a CLIA laboratory and a marketing infrastructure in the US, he said.

MDxHealth ended the quarter with €9.1 million.

The Scan

Shape of Them All

According to BBC News, researchers have developed a protein structure database that includes much of the human proteome.

For Flu and More

The Wall Street Journal reports that several vaccine developers are working on mRNA-based vaccines for influenza.

To Boost Women

China's Ministry of Science and Technology aims to boost the number of female researchers through a new policy, reports the South China Morning Post.

Science Papers Describe Approach to Predict Chemotherapeutic Response, Role of Transcriptional Noise

In Science this week: neural network to predict chemotherapeutic response in cancer patients, and more.