SAN DIEGO, Aug. 15, 2012 /PRNewswire/ -- Trovagene, Inc. (Nasdaq: TROV), a developer of transrenal molecular diagnostics, today reported its financial results for the three and six months ended June 30, 2012. Following its public offering in the second quarter, Trovagene has a cash balance of $9.3 million as of June 30, 2012, and is poised to further pursue its development programs in the following four diagnostic areas: cancer detection, transplant monitoring, infectious disease, and prenatal diagnostics.
"We are continuing to execute our product development path at a significant pace," said Antonius Schuh, chief executive officer of Trovagene. "We expect to launch our first molecular diagnostic test for the detection of oncogene mutations in the urine of cancer patients by the end of the year."
Second Quarter Financial ResultsFor the second quarter ended June 30, 2012, Trovagene reported a loss of $3.436 million, or $0.28 per share, as compared to a loss of $0.458 million, or $0.05 per share, for the same period in 2011. The increase is primarily due to a loss of $2.18 million from the change in fair value of derivative instruments – warrants – during the second quarter of 2012 as compared to a gain of $.226 million in the prior year comparable period.
First Half Financial ResultsNet loss for the six months ended June 30, 2012 is $4.608 million or $0.40 per share, as compared to a loss of $1.020 million, or $0.11 per share for the six months ended June 30, 2011. The increase in net loss is primarily attributable to a loss of $2.213 million from the change in fair value of derivative instruments – warrants – during the six months ended June 30, 2012, as compared to a gain of $.423 million in the prior year comparable period.
Cash and Cash EquivalentsTrovagene had cas
|SOURCE Trovagene, Inc.|
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