LOS ANGELES, Aug. 14 /PRNewswire-FirstCall/ -- Response Genetics, Inc. (Nasdaq: RGDX), today reported financial results for the second quarter ended June 30, 2007.
"The second quarter of 2007 was very exciting for Response Genetics, beginning with our successful initial public offering in June," said Kathleen Danenberg, President and CEO of Response Genetics. "We are very pleased by the recent developments that have since been announced. During the quarter these developments include our collaborations with Hitachi Chemical and the University of California, San Francisco, and the publication of clinical data in the Journal of Clinical Oncology that support the use of diagnostic screening for lung cancer patients. We believe these developments further validate our business strategy of using genetic information to develop diagnostic tests which will help physicians tailor treatment to the individual patient."
Financial Results for Three Months Ended June 30, 2007
Total revenue increased to $1.5 million in the second quarter of 2007 compared to $738,150 in the second quarter of 2006. This increase was primarily due to the introduction of new testing services being offered by Response Genetics to its pharmaceutical clients, and the Company's existing pharmaceutical contracts related to pharmacogenomic testing services.
Cost of revenue for the second quarter of 2007 was $1.2 million,
compared with $584,230 for the second quarter of 2006. Research and
development expenses were $916,793 for the second quarter of 2007, compared
with $269,247 for the same period in the prior year. General and
administrative expenses of $1.9 million for the second quarter of 2007
increased from $659,246 for the second qua
|SOURCE Response Genetics, Inc.|
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