Navigation Links
Trovagene, Inc., Announces Fourth Quarter and Year End 2012 Earnings
Date:4/1/2013

SAN DIEGO, April 1, 2013 /PRNewswire/ -- Trovagene, Inc. (NASDAQ:  TROV), a developer of transrenal molecular diagnostics, today reported its financial results for the three months and the year ended December 31, 2012.

(Logo: http://photos.prnewswire.com/prnh/20120620/LA28014LOGO)

Fourth Quarter 2012 Financial ResultsFor the fourth quarter ended December 31, 2012, Trovagene reported a net loss of $6.3 million, or $0.43 per share, as compared to a net loss of $1.3 million, or $0.12 per share, for the three months ended December 31, 2011. The increase in net loss is primarily due to a change in fair value of derivative instruments related to warrants of $4.9 million, $0.33 per share, as well as an increase in the total research and development costs and general and administrative expenses of $0.7 million, or $0.05 per share, during the fourth quarter of 2012 as compared to the prior year comparable period.

Year End 2012 Financial ResultsFor the year ended December 31, 2012, Trovagene reported a net loss of $11.6 million or $0.89 per share, as compared to a net loss of $2.3 million, or $0.23 per share, for the twelve months ended December 31, 2011. The increase in net loss is primarily due to a change in fair value of derivative instruments related to warrants of $6.7 million, or $0.51 per share, as well as an increase in the total research and development costs and general and administrative expenses of $2.1 million, $0.16 per share, as compared to the prior year comparable period.

Cash and Cash EquivalentsTrovagene had cash and cash equivalents of $10.8 million at December 31, 2012, as compared to $0.7 million at December 31, 2011. The increase in cash is primarily the net result of cash provided by financing activities, including net proceeds of $9.1 million received from an underwritten public offering of our common stock and warrants in the second quarter of 2012. In addition, Trovagene closed a private placement which provided net proceeds of $4.4 million in the fourth quarter of 2012.

Review of 2012 and 2013 Announcements Demonstrate Progress in Development Programs

  • Launched HPV-HR assay, a urine-base molecular human papillomavirus (HPV) test in 2013.
  • Extended planned offering of urine-based oncogene mutation tests to include a test for the detection of a specific p53 mutation and a specific double mutation in the hepatitis B virus in 2013.
  • Expanded clinical collaboration with the University of Texas MD Anderson Cancer Center to include the detection of transrenal BRAF mutations in the urine of patients with advanced or metastatic cancers in 2013 from an initial collaboration for the detection transrenal KRAS mutation in the urine of patients with pancreatic cancer in 2012.
  • Entered into research collaboration with Brazil's Barretos Cancer Hospital to evaluate Trovagene's urine-based HPV assay as a potential Pap smear replacement in 2012.
  • Entered into an agreement with India's Strand Life Sciences to validate and commercialize the HPV assay in India and South Asia in 2012.
  • Granted licenses for NPM1 marker for acute myelogenous leukemia to Quest Diagnostics, Duke University and Genoptix, Inc. in 2012. Received a milestone payment related to the NPM1 patent issuance from Ipsogen, S.A.
  • Strengthened patent portfolio. Received notification of issuance of two U.S. patents in 2012. Trovagene now has 60 issued patents and 47 pending patents.
  • Acquired a CLIA-certified, CAP-approved laboratory in 2012.
  • About Trovagene, Inc.

    Headquartered in San Diego, California, Trovagene is developing its patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine. Trovagene has a strong patent position as it relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myeloid leukemia (AML) and mutations in the SF3B1 gene, which have been shown to be associated with chemotherapy response in chronic lymphocytic leukemia (CLL) patients.

    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 forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. 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 ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; 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. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. 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, 2012 and other periodic reports filed with the Securities and Exchange Commission.

    (Financial Information to Follow)

    ContactTrovagene, Inc.FinancialInvestor RelationsStephen Zaniboni

    Chief Financial OfficerAmy Caterina

    Investor RelationsTrovagene, Inc.Trovagene, Inc.858-952-7594858-952-7593szaniboni@trovagene.comacaterina@trovagene.com 

    Trovagene, Inc. and Subsidiaries

    (A Development Stage Company)

    Selected Financial Information

    Consolidated Condensed Statements of Operations 

    (in thousands, except for per share amounts)Quarter EndedDecember 31, 

    Year Ended
    December 31,2012201120122011Revenues$

    163$

    34$
    450$
    257Operating expenses:Research and development 5943081,920910General and administrative 1,0036033,3792,324Total operating expenses1,5979115,2993,234Loss from operations(1,434)(877)(4,849)(2,977)Other income (expense)4-4(56)Gain on extinguishment of debt---623Change in fair value of derivative instruments - warrants (4,896)(370)(6,721)171Net (loss) and comprehensive  (loss)$

    (6,326)$

    (1,247) 

    $

    (11,566)$
    (2,239)Preferred stock dividend(10)(10)(38)(38)Net loss available to common shareholders$

    (6,336)$

    (1,257) 

    $

    (11,604)$
    (2,277)Basic and diluted net loss per share$

    (0.43) 

    $

    (0.12)$

    (0.89)$
    (0.23)Weighted average shares outstanding - basic and diluted14,71610,63213,0679,712 

    Trovagene, Inc. and Subsidiaries

    (A Development Stage Company)

    Consolidated Condensed Balance Sheet Information

    (in thousands)December 31,2012December 31,2011Cash and cash equivalents$

    10,820$

    700Other assets590316Property and equipment, net25523Total assets$

    11,665$

    1,039Accounts payable, accrued expenses and other liabilities$

    730$

    1,430Derivative financial instruments8,7663,840Stockholders' equity (deficiency)2,169(4,231)Total liabilities and stockholders' equity (deficiency)$

    11,665$

    1,039 

     


    '/>"/>
    SOURCE Trovagene, Inc.
    Copyright©2012 PR Newswire.
    All rights reserved

    Related medicine technology :

    1. Trovagene, Inc., Announces Third Quarter and Year to Date Earnings, Provides Milestone Update
    2. Trovagene, Inc. Announces Second Quarter and Year to Date Earnings, Provides Milestone Update
    3. Trovagene, Inc., Announces Issuance of U.S. Patent for NPM Mutants to Diagnose and Monitor Acute Myeloid Leukemia
    4. Keith McCormick Joins Trovagene, Inc. as Head of Commercial Operations
    5. Tomorrows Outlook in Todays Market - Research Report on Toyota Motor Corporation, Honda Motor Co., Ltd., Yahoo! Inc., AOL, Inc. and Aegerion Pharmaceuticals, Inc.
    6. Medical Equipment Suppliers in Good Health - Research Report on Bruker Corporation, Agilent Technologies Inc., General Electric Company, Becton, Dickinson and Co. and Thermo Fisher Scientific Inc.
    7. Buoyed by Forecasts, Where 2013 Leads - Research Report on ResMed Inc., Zimmer Holdings, Inc., Waters Corporation, Covidien PLC, and Medtronic, Inc.
    8. New Avenues to Market - Research Report on Isis Pharmaceuticals, Inc., Avon Products, Inc., Elizabeth Arden, Inc., Boyd Gaming Corporation and Ameristar Casinos, Inc.
    9. Perrigo Company To Acquire OTC Companion Animal Health Company, Velcera, Inc., For $160 Million
    10. Free Research Report on Laboratory Corp. of America Holdings, Sony Corp., Cyberonics, Inc., Olin Corp. and Deluxe Corp.
    11. Free Research Report on Delta Air Lines, Inc., Johnson & Johnson, Barrick Gold Corp., Exelon Corp. and Cirrus Logic, Inc.
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:12/9/2016)... 9, 2016 Research and Markets has announced ... report to their offering. ... The global travel vaccines market to grow at a ... covers the present scenario and the growth prospects of the global ... report considers the revenue generated from the sales of various vaccines ...
    (Date:12/8/2016)... , Dec. 8, 2016 Australia Ophthalmic Lasers ... report, "Australia Ophthalmic Lasers Market Outlook to 2022", provides ... The report provides value, in millions of US dollars, ... segements - Excimer Lasers, Femtosecond Lasers and YAG Lasers. ... shares data for each of these market segements, and ...
    (Date:12/8/2016)... KEY FINDINGS The global medical ... Various reasons for growth of the medical lifting sling ... chronic diseases, high recovery cost of injuries and government ... lifting sling refers to an assistive device that helps ... connect to the lift and hold the patient. It ...
    Breaking Medicine Technology:
    (Date:12/8/2016)... ... 08, 2016 , ... Russ DiGilio , founder and ... #QuackGivesBack campaign which supported local breast cancer organizations during National Breast Cancer Awareness ... Back initiative, and we’re very pleased with the participation in every franchisee’s ...
    (Date:12/8/2016)... , ... December 08, 2016 , ... CURE Media Group, ... and advocacy groups, has aligned with Upstage Lung Cancer in efforts to combat lung ... announcement, Michael J. Hennessy, Jr said, “CURE Media Group is honored to team up ...
    (Date:12/8/2016)... Fla (PRWEB) , ... December 08, 2016 , ... ... smarter modes of access for customers and employees that are both engaging and ... 7 with Service Smart Technology, the software company revealed today its plans to ...
    (Date:12/8/2016)... ... 08, 2016 , ... STAT courier is pleased to announce that due to ... they are expanding their presence in Dallas. One of the most exciting parts for ... jobs to the Dallas and Forth Worth market. STAT takes pride in treating their ...
    (Date:12/8/2016)... ... December 08, 2016 , ... Vida Health, the ... Series B led by Canvas Ventures . Other investors include Nokia Growth Partners ... mobile platform to serve more consumers who are managing chronic conditions or ...
    Breaking Medicine News(10 mins):