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 cash and cash equivalents of $9.3 million at June 30, 2012, as compared to $0.7 million at December 31, 2011. The increase in cash to $9.3 million is primarily the net result of cash provided by financing activities, including the net proceeds of $9.1 million received from an underwritten public offering of our common stock in June 2012.
Review of Recent Announcements Demonstrates Progress
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 third party payer reimbursement; limited sales and marketing efforts and dependence upon third 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, 2011 and other periodic reports filed with the Securities and Exchange Commission.
(Financial Information to Follow)ContactTrovagene, Inc.FinancialInvestor RelationsStephen Zaniboni
Chief Financial OfficerAmy Caterina
Selected Financial Information
Consolidated Condensed Statements of Operations
(in thousands, except for per share amounts)Three Months EndedJune 30,Six Months EndedJune 30,2012201120122011Revenues$
169Operating expenses:Research and development 477143815401General and administrative 8105841,6371,135Total operating expenses1,2877272,4521,536Loss from operations(1,246)(647)(2,376)(1,367)Other income (expense)-(28)-(57)Change in fair value of derivative instruments - warrants (2,181)226(2,213)423Net loss$
(1,001)Preferred stock dividend(9)(9)(19)(19)Net loss available to common shareholders$
(1,020)Basic and diluted net loss per share$
(0.11)Weighted average shares outstanding12,0869,15211,5449,088
Consolidated Condensed Balance Sheet Information
(in thousands)June 30,
2011Cash and cash equivalents$
700Other assets498316Property and equipment, net15023Total assets$
1,039Accounts payable, accrued expenses and other liabilities$
1,430Derivative financial instruments3,2273,840Stockholders' equity (deficiency)5,489(4,231)Total liabilities and stockholders' equity (deficiency)$
|SOURCE Trovagene, Inc.|
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