SAN DIEGO, May 5, 2015 /PRNewswire/ -- Trovagene, Inc. (NASDAQ: TROV), a developer of cell-free molecular diagnostics, today reported its financial results for the three months ended March 31, 2015.
“In the first quarter, we presented favorable clinical results at ASCO GI, AACR, and the European Lung Cancer Conference, demonstrating our Precision Cancer Monitoring platform’s ability to detect and monitor driver mutations in pancreatic, colorectal, and lung cancers,” said Antonius Schuh, Ph.D., chief executive officer of Trovagene. “We also entered into two new clinical collaborations adding to the critical mass of our lung cancer program, advanced three EGFR mutation assays into our CLIA lab, and expanded our commercial team with proven leadership to penetrate the oncology market with our novel liquid biopsy assays. Cancer monitoring using genomics has potential to significantly improve patient care, and we remain focused on establishing our PCM platform as the technology that oncologists depend on to manage disease with high precision.”
First Quarter 2015 Financial Results
For the first quarter ended March 31, 2015, Trovagene reported a net loss of $7.2 million, or $0.33 per share, as compared to a net loss of $3.2 million, or $0.17 per share, for the three months ended March 31, 2014. The increase in net loss is primarily due to increased operating expenses and a loss on the change in the fair value of certain derivative instruments warrants during the first quarter of 2015 as compared to the prior year comparable period. The $1.9 million loss on the change in the fair value of certain derivative instruments warrants resulted in a non-operating, non-cash loss of $0.09 per share in the first quarter of 2015.
Cash and Cash Equivalents
Trovagene had cash and cash equivalents of $44.0 million on March 31, 2015, as compared to $27.3 million on December 31, 2014.
Review of First Quarter Announcements Demonstrate Continued Progress
- Closed an underwritten public offering of 5,111,110 shares of common stock with net proceeds of approximately $21.3 million
- Matthew Posard joined our Executive Management Team as Chief Commercial Officer
- Entered into clinical collaborations with both City of Hope and the University of California, San Diego Moores Cancer Center to determine the utility of detecting and monitoring EGFR mutations in lung cancer patients using our PCM platform
- Two sets of clinical study results were presented at the 2015 Gastrointestinal Cancer Symposium (ASCO GI) supporting the utility of our PCM Platform in colorectal and pancreatic cancer patients
- Initial clinical study results were presented by Hatim Husain, M.D., from the University of California, San Diego Moores Cancer Center at the 2015 European Lung Cancer Conference
- Three posters, two featuring clinical study results and one detailing analytical data, were presented at the 2015 American Association for Cancer Research (AACR) Meeting. Analytical data highlight significantly more ctDNA obtained from urine samples vs. plasma samples, a key advantage of Trovagene’s PCM platform technology
- Clinical results from the PREDICTORS 4 trial were presented by Jack Cuzick, Ph.D., Queen Mary University of London, at the European Research Organization on Genital Infection and Neoplasia (EUROGIN) 2015 Congress
- Strengthened leadership with the addition of Carl Feldbaum to our Board of Directors
2015 Goals and Objectives
- Introduce and gain adoption of our PCM platform among strategically selected clinicians and institutions
- Complete and conduct additional clinical studies at major oncology centers and through collaborations with integrated healthcare networks
- Present and publish clinical results for studies using Trovagene’s PCM platform as they become available
- Complete CLIA development and release additional urine-based assays to expand Trovagene’s liquid biopsy platform for the detection and monitoring of multiple clinically actionable oncogene mutations in parallel
- Enter into additional R&D and commercial collaborations with pharmaceutical companies
About Trovagene, Inc.
Headquartered in San Diego, California, Trovagene is leveraging its proprietary technology for the detection and monitoring of cell-free DNA in urine. The Company’s technology detects and quantitates oncogene mutations in cancer patients for improved disease management. Trovagene’s precision cancer monitoring platform is designed to provide important clinical information beyond the current standard of care, and is protected by significant intellectual property including multiple issued patents and pending patent applications globally.
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.
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