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Trovagene Q2 Revenues Dive 49 Percent

NEW YORK (GenomeWeb News) – Transrenal molecular diagnostics company Trovagene said today that its revenues in the second quarter dropped 49 percent year over year.

The San Diego-based firm recorded revenues of $41,000 for the quarter ended June 30, down from $80,000 a year ago. Revenues for the recently completed quarter and Q2 2011 were in the form only of royalty income, and the year-over-year reduction resulted from the termination of an agreement with Sequenom in 2011, Trovagene said in its Form 10-Q filed with the US Securities and Exchange Commission.

Its net loss, meanwhile, ballooned to $3.4 million, or $.28 per share, from $449,000, or $.05 per share, a year ago.

The increase in net loss, Trovagene said, was due mainly to a loss of about $2.2 million from the change in fair value of warrants during the recently completed quarter, compared to a gain of $226,000 in the year-ago period.

The firm's R&D spending more than tripled year over year to $477,000 from $143,000, while its SG&A spending increased 39 percent to $810,000 from $584,000.

Trovagene said it ended the quarter with $9.3 million in cash and cash equivalents. In June it brought in net proceeds of $9.1 million from a public offering.

In its Form 10-Q, the company said that as of Aug. 10 it has $8.3 million in cash in the bank.

In a statement, Trovagene CEO Antonius Schuh said that the firm continues to "execute our product development path at a significant pace," and it expects to launch its first urine-based molecular diagnostic test for detecting oncogene mutations by the end of the year.

In Wednesday morning trade on the Nasdaq, Trovagene shares were down 3 percent to $2.25.

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