Trovagene, Inc., Announces Third Quarter and Year to Date Earnings, Provides Milestone Update

 Trovagene, Inc., Announces Third Quarter and Year to Date Earnings, Provides
                               Milestone Update

COMPANY CONTINUES TO DEVELOP PROGRAMS IN CANCER AND INFECTIOUS DISEASE
DETECTION IN URINE

PR Newswire

SAN DIEGO, Nov. 14, 2012

SAN DIEGO, Nov. 14, 2012 /PRNewswire/ --Trovagene, Inc. (NASDAQ:TROV), a
developer of transrenal molecular diagnostics, today reported its financial
results for the three and nine months ended September 30, 2012. The Company
has a cash balance of $7.8 million as of September 30, 2012.

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

"The Company has demonstrated continued progress in its cancer detection and
infectious disease development programs. We are on track to offer our first
molecular diagnostic test for the detection of oncogene mutations in the urine
of cancer patients as well as a proprietary urine-based HPV test by the end
of the year," said Antonius Schuh, Ph.D., chief executive officer of
Trovagene.

Third Quarter Financial Results

For the third quarter ended September 30, 2012, Trovagene reported a loss of
$0.660 million, or $0.05 per share, as compared to a loss of $0.001 million,
or $0.00 per share, for the same period in 2011. The increase is primarily due
to increased research and development costs and general and administrative
expenses during the third quarter of 2012 as compared to the prior year
comparable period. In addition, during the third period of 2012, Trovagene
received a milestone payment of $0.150 million and during the third period of
2011, the Company experienced a gain from extinguishment of debt of $0.623
million.

Year to Date Financial Results

Net loss for the nine months ended September 30, 2012 is $5.268 million or
$0.42 per share, as compared to a loss of $1.021 million, or $0.11 per share
for the nine months ended September 30, 2011. The increase in net loss is
attributable to a number of factors, including: a loss of $1.825 million from
the change in fair value of derivative instruments – warrants – during the
nine months ended September 30, 2012, an increase in the total costs and
expenses during the third quarter of 2012 as compared to the prior year
comparable period, and a gain from extinguishment of debt of $0.623 million
during the third period of 2011.

Cash and Cash Equivalents

Trovagene had cash and cash equivalents of $7.8 million at September 30, 2012,
as compared to $0.7 million at December 31, 2011. The increase in cash is
primarily the net result of cash provided by financing activities, including
net proceeds of $9.1 million received from an underwritten public offering of
our common stock and warrants in June 2012.

Review of Recent Announcements Demonstrates Progress in Development Programs

  oFinalized agreement with Strand Life Sciences Pvt Ltd of Bangalore, India
    to validate and commercialize our proprietary urine-based Human
    Papillomavirus (HPV) test in India and South Asia
  oGranted Quest Diagnostics, the world's leading provider of diagnostic
    testing, information and services, a non-exclusive license to incorporate
    nucleophosmin protein (NPM1) into research and clinical testing services
    related to acute myelogenous leukemia (AML).
  oAchieved intellectual property milestone under license agreement with
    Ipsogen. Issuance of first U.S. NPM1 patent triggered milestone payment.

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)
Contact
Trovagene, Inc.
Financial                Investor Relations
Stephen Zaniboni         Amy Caterina

Chief Financial Officer  Investor Relations
Trovagene, Inc.          Trovagene, Inc.
858-952-7594             858-952-7593
szaniboni@trovagene.com  acaterina@trovagene.com



Selected Financial Information

Consolidated Condensed Statements of Operations

(unaudited)



(in thousands, except for per share amounts)
                         Three Months Ended   Nine Months Ended

                         September 30,        September 30,
                         2012      2011       2012       2011
Revenues                 $ 211     $ 55       $ 287      $ 224
Operating expenses:
 Research and           511       201        1,326      602
development
 General and            739       586        2,376      1,721
administrative
Total operating          1,250     787        3,702      2,323
expenses
Loss from operations     (1,039)   (732)      (3,415)    (2,099)
Other income (expense)   -         -          -          (57)
 Gain on                -         623        -          623
extinguishment of debt
 Change in fair value
of derivative            389       118        (1,824)    541
instruments - warrants
Net (loss) income and
comprehensive (loss)    $ (650)   $ 9        $ (5,239)  $ (992)
income
 Preferred stock        (10)      (10)       (29)       (29)
dividend
Net loss available to    $ (660)   $ (1)      $ (5,268)  $      (1,021)
common shareholders
Basic and diluted net                                          
loss per share           $ (0.05)  $          $ (0.42)   $
                                     (0.00)                     (0.11)
Weighted average shares                                 
outstanding              14,178               12,507
                                   10,017                9,401



Consolidated Condensed Balance Sheet Information

(in thousands)
                                                   September 30,  December 31,

                                                   2012           2011
Cash and cash equivalents                          $    7,815     $    700
Other assets                                       548            316
Property and equipment, net                        208            23
Total assets                                       $    8,571     $    1,039
Accounts payable, accrued expenses and other       $    758       $    1,430
liabilities
Derivative financial instruments                   2,838          3,840
Stockholders' equity (deficiency)                  4,975          (4,231)
Total liabilities and stockholders' equity         $    8,571     $    1,039
(deficiency)

SOURCE Trovagene, Inc.

Website: http://www.trovagene.com
 
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