DiagnoCure Inc. Reports Consolidated Earnings Results for the Second Quarter Ended April 30, 2012; Provides Capital Expenditure Guidance for the Year of 2012
June 06, 2012 at 04:48 pm EDT
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DiagnoCure Inc. reported consolidated earnings results for the second quarter ended April 30, 2012. For the quarter, the company reported total revenues of $1,063,131 compared to $310,907 a year ago. The increase in revenues is mostly attributable to R&D services provided to Signal Genetics related to the Previstage GCC Colorectal Cancer Staging Test and to the FDA maximum payment recorded in the second quarter of 2012. Net profit from continuing operations (before stock-based compensation and amortization) was $10,881 compared to net loss from continuing operations (before stock-based compensation and amortization) of $685,471 a year ago. Net loss before income taxes from continuing operations was $272,216 compared to $1,100,108 a year ago. Net loss from continuing operations was $270,147 compared to $1,072,224 a year ago. Basic and diluted loss per share was $0.01 compared to $0.02 a year ago. This decrease is mostly attributable to increased revenues.
For the year of 2012, the company expects that cash burn will be between $2 million to $2.5 million in 2012 depending on the level of revenues and R&D projects undertaken.
9342-8530 Quebec Inc is a Canada-based biotechnology company. The Company specializes in the development and commercialization of products relating to the diagnosis of cancer. It intends to focus its activities on business development efforts by out-licensing, selling, or partnering with third parties with regards to its Previstage GCC and its new multimarker prostate cancer test (PCP). The Company's colorectal cancer staging test, Previstage GCC, uses the Guanylyl Cyclase C (GCC or GUCY2C) marker to stratify the risk of colon cancer recurrence by determining the stage of the disease. Previstage GCC Colorectal Cancer Staging test is a molecular test for the staging of colorectal cancer patients. The PROGENSA PCA3 assay is a molecular urine test that can be used as a predictor of biopsy outcome in men with a serum prostate specific antigen (PSA) level over 2.5 nanograms per milliliter (ng/ml).
DiagnoCure Inc. Reports Consolidated Earnings Results for the Second Quarter Ended April 30, 2012; Provides Capital Expenditure Guidance for the Year of 2012