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Trovagene, Inc., Announces Third Quarter and Year to Date Earnings, Provides Milestone Update
Date:11/14/2012

SAN DIEGO, Nov. 14, 2012 /PRNewswire/ -- Trovagene, Inc. (NASDAQ:  TROV), a developer of transrenal molecular diagnostics, today reported its financial results for the three and nine months ended September 30, 2012. The Company has a cash balance of $7.8 million as of September 30, 2012.

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"The Company has demonstrated continued progress in its cancer detection and infectious disease development programs. We are on track to offer  our first molecular diagnostic test for the detection of oncogene mutations in the urine of cancer patients as well as a proprietary urine-based HPV test  by the end of the year," said Antonius Schuh, Ph.D., chief executive officer of Trovagene.

Third Quarter Financial ResultsFor the third quarter ended September 30, 2012, Trovagene reported a loss of $0.660 million, or $0.05 per share, as compared to a loss of $0.001 million, or $0.00 per share, for the same period in 2011. The increase is primarily due to increased research and development costs and general and administrative expenses during the third quarter of 2012 as compared to the prior year comparable period. In addition, during the third period of 2012, Trovagene received a milestone payment of $0.150 million and during the third period of 2011, the Company experienced a gain from extinguishment of debt of $0.623 million.

Year to Date Financial ResultsNet loss for the nine months ended September 30, 2012 is $5.268 million or $0.42 per share, as compared to a loss of $1.021 million, or $0.11 per share for the nine months ended September 30, 2011. The increase in net loss is attributable to a number of factors, including: a loss of $1.825 million from the change in fair value of derivative instruments – warrants – during the nine months ended September 30, 2012, an increase in the total cos
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