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Response Genetics Posts 6 Percent Revenue Growth for Q3

NEW YORK (GenomeWeb News) – Response Genetics today reported that its third-quarter revenues increased 6 percent year over year.

The Los Angeles-based molecular diagnostics firm reported total revenues of $5.4 million for the three months ended Sept. 30, compared to $5.1 million for the third quarter of 2011.

Its net loss for the quarter was $1.4 million, or $.05 per share, flat with the Q3 2011 net loss of $1.4 million, or $.07 per share.

Response Genetics spent $426,105 on R&D, down 6 percent from $452,734. Its SG&A expenses increased 3 percent to $3.6 million from $3.5 million.

The firm finished the quarter with $10.8 million in cash and cash equivalents.

In September the firm raised $8.8 million through a private placement of its stock with GlaxoSmithKline and an existing stockholder. Response Genetics has a deal with GSK dating back to 2010, under which it licensed to the drug giant non-exclusive rights to its PCR technology and agreed to provide diagnostic expertise to assess BRAF gene mutations in human tumor samples. The firm also has provided GSK with genetic testing services to support its drug development programs.

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