QUEBEC CITY, Sept. 11, 2015 /PRNewswire/ - DiagnoCure, Inc. (TSX: CUR) (OTCQX: DGCRF) (the “Corporation”) today reported financial and operational results for the third quarter ended July 31, 2015. The Corporation announced a net loss of $274,005 or $0.01 per share for this quarter. At the end of the quarter, cash and temporary investments stood at $1,231,626. Operating expenses decreased by $250,683, to $406,846 for the third quarter of 2015 from $657,529 for the same period of 2014. The net loss before non-cash elements decreased by 54%, from $406,853 for the third quarter of 2014 to $186,335 for the same period of 2015. These decreases are attributable primarily to the reduction of operating expenses implemented in the first quarter of 2015.
“During the third quarter, important and productive meetings were held with serious prospective business partners. The Board and the Management are confident that these discussions will lead to positive outcome for the shareholders”, stated Dr. Yves Fradet, President and Chief Medical Officer of the Corporation.
Financial Results for the third Quarter 2015
Total revenues for the third quarter of 2015 were $132,841 compared with $153,424 for the same period of 2014. Without taking into account the effect of the exchange rate variation, total revenues decrease by 16%, to US$102K for the third quarter of 2015 compared with US$121K for the same period of 2014. This decrease is mainly attributable to a decrease in PCA3 European royalty revenues as compared to the same period in 2014.
Operating expenses decreased by $250,683, to $406,846 for the third quarter of 2015 from $657,529 for the same period of 2014. This decrease is mostly attributable to the operating expenses reduction implemented in the first quarter of 2015 and to the completion of the multicenter prospective study of the new multi-markers prostate cancer test. Total operating expenses decreased primarily as a result of the following:
- Research and development expenses, net of investment tax credits, decreased by $186,149, to $121,145 for the third quarter of 2015 from $307,294 for the same period of 2014. This decrease in research and development expenses is attributable to the completion of the new multi marker prostate cancer test multicenter prospective study.
- General and administrative expenses, decreased by $63,455, to $242,205 for the third quarter of 2015 from $305,660 for the same period of 2014. This decrease is attributable to the operating expenses reduction announced in October 2014 and to reduction in professional fees.
- Selling and business development expenses increased by $4,548, to $50,572 for the third quarter of 2015 from $46,024 for the same period of 2014.
- Financial revenues decreased by $5,064, to $2,907 for the third quarter of 2015 compared with $7,971 for the same period of 2014.
Financial Data
For the three-month periods ended July 31 | ||
2015 | 2014 | |
$ | $ | |
License and royalty revenues | 132,841 | 153,424 |
Total revenues | 132,841 | 153,424 |
Operating expenses (before stock-based compensation, depreciation and amortization) | 319,176 | 560,277 |
Net loss (before stock-based compensation, depreciation and amortization) | (186,335) | (406,853) |
Stock-based compensation | 5,525 | 13,513 |
Depreciation of property, plant and equipment | 12,918 | 14,082 |
Amortization of intangible asset | 69,227 | 69,657 |
Net loss and comprehensive loss | (274,005) | (504,105) |
Basic and diluted net loss per share | (0.01) | (0.01) |
Weighted average number of common shares outstanding | 43,040,471 | 43,040,471 |
Consolidated Balance Sheets
July 31, 2015 | October 31, 2014 | |
Cash and temporary investments | 1,231,626 | 2,227,326 |
Total assets | 4,251,608 | 5,532,382 |
Shareholders’ equity | 3,883,761 | 5,039,573 |
Number of commons shares outstanding | 43,040,471 | 43,040,471 |
About DiagnoCure
DiagnoCure (TSX: CUR; OTCQX: DGCRF) is a life sciences corporation that develops and provides molecular and genomic tests to support effective clinical decisions enabling personalized medicine in oncology. Previstage® GCC and the Corporation new multimarker prostate cancer test are currently available for licensing. The Corporation has granted a worldwide exclusive license on PCA3 for the development and commercialization of a prostate cancer test which is now commercialized in Europe under CE mark and is approved for commercialization in Canada and the United States. For more information, please visit www.diagnocure.com.
Forward-looking statements
This release may contain forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may cause actual results to differ materially from those expected. Forward-looking statements can be identified by the use of the conditional or forward-looking terminology such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “intend”, “may”, “plans”, “projects”, “should”, “will”, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. All such forward-looking statements are made pursuant to the “safe-harbour” provisions of applicable Canadian securities laws. By their very nature, forwardlooking statements are based on expectations and hypotheses and also involve risks and uncertainties, known and unknown, many of which are beyond DiagnoCure’s control. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Corporation’s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Corporation’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and that they should not place undue reliance on these forwardlooking statements. For instance, any forward-looking statements regarding the outcome of research and development projects, clinical studies and future revenues, including those related to Previstage® GCC and the Corporation new multimarker prostate cancer test, are based on management expectations and such outcome may vary materially depending on global political and economic conditions, dependence on collaboration partners, uncertainty of healthcare reimbursement, and marketing and distribution challenges. In addition, the reader is referred to the applicable general risks and uncertainties described in DiagnoCure’s most recent Annual Information Form under the heading “Risk Factors”. DiagnoCure undertakes no obligation to publicly update or revise any forwardlooking statements contained herein unless required by the applicable securities laws and regulations.
SOURCE DiagnoCure inc.
Help employers find you! Check out all the jobs and post your resume.
