The net loss for the third quarter of 2010 was $898,000 or $0.02 per share, compared with a net loss of $366,000 or $0.01 per share for the third quarter of 2009.
Cash and cash equivalents were $4.6 million as of September 30, 2010, compared with $5.6 million as of December 31, 2009. Subsequent to the end of the quarter the Company was awarded a series of grants in the amount of $1,070,453 from the U.S. government under the Patient Protection and Affordable Care Act.
Comment and OutlookCraig Tuttle, president and chief executive officer of Transgenomic, said, "We made enormous strides in moving our proprietary technologies forward during the third quarter, while at the same time taking measures to align our physical footprint to better match our business operations. However, we did have some disappointments during the quarter, particularly with instrument sales.
"Personalized medicine continues to be the watchword for Transgenomic, and subsequent to the end of the quarter we announced an exciting breakthrough with our COLD-PCR technology. Along with Dana Farber Cancer Institute and a pharmaceutical partner, we completed a development study of several new assays to detect genetic mutations in the Epidermal Growth Factor Receptor (EGFR) gene, bringing us closer to ultra-high sensitivity assays for the detection of low-level DNA mutations in body fluids.
"We also obtained CE-IVD designation and significantly expanded distribution of our SURVEYOR® Scan K-RAS mutation detection kit throughout most of the European Union. This designation now allows us to sell into the commercial market, rather than just for research purposes, and as such opens up a new level of potential customers.
"Our pharmacogenomics services business continued to grow during the quarter, and sales were up 28% versus the third quarter
|SOURCE Transgenomic, Inc.|
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