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Trovagene, Inc. Announces Second Quarter 2013 Earnings
Date:8/14/2013

SAN DIEGO, Aug. 14, 2013 /PRNewswire/ -- Trovagene, Inc. (NASDAQ:  TROV), a developer of cell-free molecular diagnostics, today reported its financial results for the three months and the six months ended June 30, 2013.

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Second Quarter 2013 Financial ResultsFor the three months ended June 30, 2013, Trovagene reported a net loss of $5.3 million, or $0.34 per share, as compared to a net loss of $3.4 million, or $0.28 per share, for the three months ended June 30, 2012. The increase in net loss is primarily due to an increase in the total operating expenses of $1.1 million, or $0.07 per share, as well as an increase in the change in fair value of derivative instruments related to warrants of $0.7 million, $0.04 per share, during the second quarter of 2013 as compared to the prior year comparable period.

First Half Financial ResultsNet loss for the six months ended June 30, 2013 is $6.4 million or $0.41 per share, as compared to a loss of $4.6 million, or $0.40 per share for the six months ended June 30, 2012. The increase in net loss is primarily attributable to an increase in the total operating expenses of $2.5 million, or $0.16 per share, which was offset by a decrease in the change in fair value of derivative instruments related to warrants of $0.6 million, $0.04 per share, as compared to the prior year comparable period.

Cash and Cash EquivalentsTrovagene had cash and cash equivalents of $8.3 million at June 30, 2013, as compared to $10.8 million at December 31, 2012. The Company completed a $15 million direct registered offering on July 31, 2013, and has approximately $29 million in cash and cash equivalents as of August 9, 2013.

Review of 2013 Announcements Demonstrate Progress in Development Programs

  • Issuance of broad microRNA patent covering methods of
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