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.