PR Newswire
SAN DIEGO, Nov. 9, 2016
SAN DIEGO, Nov. 9, 2016 /PRNewswire/ -- Trovagene, Inc. (NASDAQ: TROV), a developer of circulating tumor DNA (ctDNA) molecular diagnostics, today reported its financial results and accomplishments for the third quarter ended September 30, 2016.
"We made significant progress in expanding the awareness and value of our Precision Cancer Monitoring® (PCM) technology in the third quarter through the announcement of key collaborations with leading cancer centers and a national pancreatic cancer advocacy organization. In addition, we are pleased that data demonstrating the clinical utility of our Trovera™ liquid biopsy tests in lung cancer was published in peer-reviewed oncology journals," said Bill Welch, Chief Executive Officer of Trovagene. "We also saw expanded access to our Trovera tests over the second quarter, both with existing and new physicians, and gained our first Tier I payor contract."
Third Quarter 2016 Accomplishments
Publications and Presentations:
Patent Issuance:
Clinical Collaborations:
Third Party Payor Contract:
Third Quarter 2016 Financial Results
For the third quarter ended September 30, 2016, Trovagene reported a net loss of $10.2 million, or $0.34 per diluted share, as compared to a net loss of $2.7 million, or $0.23 per diluted share, for the same period in 2015.
Total operating expenses were approximately $10.0 million in the third quarter, slightly down from $10.1 million in the second quarter of 2016 and an increase from $6.5 million in the third quarter of 2015. The year-over-year increase in operating costs can be attributed to the expansion of our research and development, clinical, as well as commercial activities.
The net cash used in operating activities in the third quarter of 2016 was $7.0 million, compared to $8.1 million in the second quarter of 2016. During the third quarter of 2016, the Company received $2.3 million in net proceeds from the sale of approximately 422,000 shares of common stock under a controlled equity offering.
The weighted average of diluted shares of common stock outstanding used to calculate per share results was 30.3 million.
As of September 30, 2016, Trovagene had cash, cash equivalents and short-term investments of approximately $46.9 million.
Conference Call Information
Trovagene will hold a conference call today at 5:00 p.m. Eastern Standard Time (2:00 p.m. Pacific Standard Time) to review its third quarter 2016 financial results. A live webcast of the Company's conference call will be available online at http://trovagene.investorroom.com/events.
To access the conference call, please dial (888) 347-6081 (domestic), (412) 902-4285 (international), or (855) 669-9657 (Canada), conference ID# 10091793. To access the telephone replay of the call, dial (877) 344-7529 (domestic), (412) 317-0088 (international), or (855) 669-9658 (Canada), replay ID# 10091793. The replay will be available one hour after the conclusion of the call. The webcast and telephone replay will be archived on the Company's website following the conference at http://trovagene.investorroom.com/events.
About Trovagene, Inc.
Headquartered in San Diego, California, Trovagene is leveraging its proprietary Precision Cancer Monitoring® (PCM) technology for the detection and monitoring of circulating tumor DNA (ctDNA) in urine and blood. The Company's technology detects and quantitates oncogene mutations in cancer patients for improved disease management. Trovagene's PCM technology is designed to provide important clinical information beyond the current standard of care, and is protected by significant intellectual property including multiple issued patents and pending patent applications globally. For more information, please visit http://www.trovagene.com/.
Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as "anticipate," "believe," "forecast," "estimated" and "intend" or other similar terms or expressions that concern Trovagene's expectations, strategy, plans or intentions. These forward-looking statements are based on Trovagene's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our need for additional financing; uncertainties of patent protection and litigation; clinical trials involve a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results; uncertainties of government or fourth party payer reimbursement; limited sales and marketing efforts and dependence upon fourth parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. There are no guarantees that any of our technologies or products will be utilized by oncologists or prove to be commercially successful, or that Trovagene's strategy to design its PCM platform to report on clinically actionable cancer genes will ultimately be successful or result in better reimbursement outcomes. Trovagene does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in Trovagene's Form 10-K for the year ended December 31, 2015 and other periodic reports filed with the Securities and Exchange Commission.
(Financial Information to Follow)
Trovagene Contacts: | ||
| | |
Beth Anderson VP, Finance & Administration | | Vicki Kelemen Sr. Director, Marketing Communications |
858-952-7593 | | 858-952-7652 |
|
Trovagene, Inc. Condensed Consolidated Statements of Operations (in thousands, except for per share amounts) (unaudited) | ||||||||||||
| ||||||||||||
| ||||||||||||
| | Three Months Ended September 30, | | Nine Months Ended September 30, | ||||||||
| | 2016 | | 2015 | | 2016 | | 2015 | ||||
Revenues: | | | | | | | | | | | | |
Royalties | | $ | 47 | | $ | 51 | | $ | 208 | | $ | 223 |
Diagnostic services | | | 38 | | | 6 | | | 69 | | | 11 |
Clinical research services | | | 4 | | | - | | | 36 | | | - |
Total revenues | | | 89 | | | 57 | | | 313 | | | 234 |
| | | | | | | | | | | | |
Costs and expenses: | | | | | | | | | | | | |
Cost of revenues | | | 424 | | | 174 | | | 1,143 | | | 430 |
Research and development | | | 3,937 | | | 2,546 | | | 11,222 | | | 7,428 |
Selling and marketing | | | 2,941 | | | 1,798 | | | 9,127 | | | 4,509 |
General and administrative | | | 2,711 | | | 1,949 | | | 9,184 | | | 5,756 |
Total operating expenses | | | 10,013 | | | 6,467 | | | 30,676 | | | 18,123 |
| | | | | | | | | | | | |
Loss from operations | | | (9,924) Werbung Mehr Nachrichten zur Cardiff Oncology Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |