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SOURCE DiagnoCure inc.
QUEBEC CITY, March 11, 2013 /PRNewswire/ - DiagnoCure, Inc. (TSX: CUR)
today reported financial and operational results for the first quarter
2013 ended January 31, 2013. The Corporation announced a net loss of
$788,237 or $0.02 per share for this quarter. At the end of the
quarter, cash, short-term investments and long-term investments stood
at $5,205,536.
Recent Highlights
The arrival during the quarter of two new directors on DiagnoCure's
Board, Dr. Jacques Simoneau, President and CEO of Gestion Univalor L.P.
and Mr. Andy Sheldon, President and CEO of Medicago inc., has provided
new momentum to the Corporation, bringing additional positive outlooks
on DiagnoCure's future.
On January 11, 2013, DiagnoCure reached mutually agreeable terms on the
release of Previstage GCC from Signal Genetics. The Corporation is now
actively seeking to license the technology to a new partner with
significant commercial presence in the diagnostics market. DiagnoCure
believes that Previstage™ GCC represents a significant advance in
providing physicians with a more sensitive tool for staging patients
with colorectal cancer.
Close to a year after the approval of the PROGENSA® PCA3 assay by the FDA, royalties received from sales in the United
States increased by 84% during the quarter compared to the same period
of 2012. While it is too soon to draw conclusions regarding growth of
PCA3 revenues, the observed increase provides a basis for being
optimistic that we may be seeing the beginning of a positive trend in
the United States.
Results of the First Quarter 2013
Total revenues for the first quarter of 2013 were $167,916 compared with
$556,158 for the same period of 2012. This decrease of $388,242 is
attributable to the January 11th termination of that development and
license agreements signed in June 2011 with Signal Genetics. The
development agreement provided $268,567 of revenues in the first
quarter of 2012. The remaining decrease is attributable to the last
payment made by Gen-Probe in relation to the FDA milestone reached for
PROGENSA® PCA3 in the first quarter of 2012. The Q1 2012 revenues related to the
FDA milestone were $123,800. In the first quarter of 2013, royalty
revenues from Hologic Gen-Probe increased by $22,904, or 16%, to
$167,916, from $145,012 for the same period of 2012. This increase is
attributable to an increase of 84% in U.S. royalty revenues as compared
to the same period in 2012, offset by a decrease in European royalty
revenues continuing to reflect a general softness in the European
markets.
Operating expenses decreased by $422,709, to $956,153 for the first
three months of 2013 from $1,378,862 for the same period of 2012. This
decrease is mainly attributable to the termination of the development
agreement performed in Q1 2012 in support to the PrevistageTM GCC Colorectal Cancer Staging Test.
Financial Data
|
|
For the three months periods ended
January 31
|
|
2013
|
2012
|
|
|
$
|
$
|
|
Research collaboration revenues
|
-
|
268,567
|
|
License and royalty revenues
|
167,916
|
287,591
|
|
Total revenues
|
167,916
|
556,158
|
|
Operating expenses (before stock-based compensation, depreciation and
amortization)
|
698,116
|
1,081,923
|
|
Net loss (before stock-based compensation, depreciation and
amortization)
|
(530,200)
|
(525,765)
|
|
Stock-based compensation
|
38,682
|
49,188
|
|
Depreciation of property, plant and equipment
|
19,834
|
32,210
|
|
Amortization of intangible asset
|
199,521
|
215,541
|
|
Net loss and comprehensive loss
|
(788,237)
|
(822,704)
|
|
Basic and diluted net loss per share
|
(0.02)
|
(0.02)
|
|
Weighted average number of common shares outstanding
|
43,040,471
|
43,013,471
|
Consolidated Balance Sheets
|
|
January 31, 2013
|
October 31, 2012
|
|
Cash, cash equivalents, temporary and long-term investments
|
5,205,536
|
5,824,771
|
|
Total assets
|
10,458,890
|
11,256,369
|
|
Shareholders' equity
|
9,698,532
|
10,448,087
|
|
Number of shares outstanding
|
43,040,471
|
43,040,471
|
Conference call
DiagnoCure's management will host a conference call at 4:30 p.m. (EDT)
on March 11, 2013. Interested participants may listen to the call by
dialing 1-888-231-8191 or 514-807-9895 and referencing code 11472852
approximately 15 minutes prior to the call. The Corporation will also
provide a live webcast of the call. Interested participants may access
the webcast on DiagnoCure's website at www.diagnocure.com, through a link on the Investors page - Presentations. A replay of the
webcast will be available on DiagnoCure's website for those unable to
participate in the live webcast.
About DiagnoCure
DiagnoCure (TSX: CUR) is a life sciences corporation that develops and
commercializes high-value cancer diagnostic tests that increase
clinician and patient confidence in making critical treatment
decisions. In 2008, the Corporation launched a colorectal cancer
staging test through its U.S. CLIA laboratory. PrevistageTM GCC is currently available for licensing. The Corporation has granted a
worldwide exclusive license agreement to Gen-Probe, now a wholly-owned
subsidiary of Hologic Inc. (NASDAQ: HOLX) operating as Hologic
Gen-Probe, for the development and commercialization of a prostate
cancer test using PCA3, DiagnoCure's proprietary molecular biomarker.
Hologic Gen-Probe's PROGENSA® PCA3 test is commercialized in Europe under CE mark and is approved for
commercialization in Canada and the United States. For more
information, visit www.diagnocure.com.
Forward-looking statements
This release contains forward-looking statements that involve known and
unknown risks, uncertainties and assumptions that may cause actual
results to differ materially from those expected. By their very nature,
forward-looking statements are based on expectations and hypotheses and
also involve risks and uncertainties, known and unknown, many of which
are beyond DiagnoCure's control. As a result, investors are cautioned
not to place undue reliance on these forward-looking statements. The
forward-looking statements regarding the outcome of research and
development projects, clinical studies and future revenues are based on
management expectations. In addition, the reader is referred to the
applicable general risks and uncertainties described in DiagnoCure's
most recent Annual Information Form under the heading "Risk Factors".
DiagnoCure undertakes no obligation to publicly update or revise any
forward-looking statements contained herein unless required by the
applicable securities laws and regulations.
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