Trovagene, Inc. Announces First Quarter 2013 Earnings

SAN DIEGO, May 14, 2013 /PRNewswire/ -- Trovagene, Inc. (NASDAQ:  TROV), a developer of transrenal molecular diagnostics, today reported its financial results for the three months ended March 31, 2013.

(Logo: http://photos.prnewswire.com/prnh/20120620/LA28014LOGO)

First Quarter 2013 Financial Results

For the first quarter ended March 31, 2013, Trovagene reported a net loss of $1.1 million, or $0.07 per share, as compared to a net loss of $1.2 million, or $0.11 per share, for the three months ended March 31, 2012. The decrease in net loss is primarily due to a change in the fair market value of derivative instruments, which was offset by increased operating expenses during the first quarter of 2013 as compared to the prior year comparable period.

Cash and Cash Equivalents

Trovagene had cash and cash equivalents of $9.2 million at March 31, 2013, as compared to $10.8 million at December 31, 2012.

Review of First Quarter Announcements Demonstrate Progress in Development Programs

  • Initiated a pilot launch HPV-HR assay, a urine-based molecular human papillomavirus (HPV) test.
  • Extended planned offering of urine-based oncogene mutation tests to include a test for the detection of a specific p53 mutation and a specific double mutation in the hepatitis B virus.
  • Expanded clinical collaboration with the University of Texas MD Anderson Cancer Center to include the detection of transrenal BRAF mutations in the urine of patients with advanced or metastatic cancers.

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 fourth party payer reimbursement; limited sales and marketing efforts and dependence upon fourth 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, 2012 and other periodic reports filed with the Securities and Exchange Commission.

(Financial Information to Follow)

Contact

Trovagene, Inc.



Financial


Investor Relations

Stephen Zaniboni

Chief Financial Officer


Amy Caterina

Investor Relations

Trovagene, Inc.


Trovagene, Inc.

858-952-7594


858-952-7593

szaniboni@trovagene.com


acaterina@trovagene.com



Trovagene, Inc. and Subsidiaries

(A Development Stage Company)
Selected Financial Information
Consolidated Condensed Statements of Operations


(in thousands, except for per share amounts)





Three Months Ended

March 31,



2013


2012




(unaudited)


(unaudited) 










Revenues


$

119


$

34








Operating expenses:






Research and development


802


337


General and administrative


1,707


827


Total operating expenses


2,509


1,164








Operating loss


(2,390)


(1,130)








Other income (expense):






Change in fair market value of derivative instruments


1,279


(32)


Net loss and comprehensive loss



(1,111)



(1,162)








Preferred stock dividend


(6)


(10)


Net loss and comprehensive loss attributable  to common stockholders


$

(1,117)


$

(1,172)








Basic and diluted net loss per share


$

(0.07)


$

(0.11)








Weighted average shares outstanding - basic and diluted


15,510


11,002


















 

Trovagene, Inc. and Subsidiaries
(A Development Stage Company)
Consolidated Condensed Balance Sheet Information
(in thousands)




March 31,

2013


December 31,

2012




(unaudited)










Cash and cash equivalents


$

9,164


$

10,820


Other assets


704


590


Property and equipment, net


330


255


Total assets


$

10,198


$

11,665








Accounts payable, accrued expenses and other liabilities


$

1,176


$

730


Derivative financial instruments


7,486


8,766


Stockholders' equity


1,536


2,169


Total liabilities and stockholders' equity


$

10,198


$

11,665








SOURCE Trovagene, Inc.



RELATED LINKS
http://www.trovagene.com

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