Trovagene, Inc., Announces Fourth Quarter and Year End 2012 Earnings
SAN DIEGO, April 1, 2013
SAN DIEGO, April 1, 2013 /PRNewswire/ --Trovagene, Inc. (NASDAQ:TROV), a
developer of transrenal molecular diagnostics, today reported its financial
results for the three months and the year ended December 31, 2012.
Fourth Quarter 2012 Financial Results
For the fourth quarter ended December 31, 2012, Trovagene reported a net loss
of $6.3 million, or $0.43 per share, as compared to a net loss of $1.3
million, or $0.12 per share, for the three months ended December 31, 2011. The
increase in net loss is primarily due to a change in fair value of derivative
instruments related to warrants of $4.9 million, $0.33 per share, as well as
an increase in the total research and development costs and general and
administrative expenses of $0.7 million, or $0.05 per share, during the fourth
quarter of 2012 as compared to the prior year comparable period.
Year End 2012 Financial Results
For the year ended December 31, 2012, Trovagene reported a net loss of $11.6
million or $0.89 per share, as compared to a net loss of $2.3 million, or
$0.23 per share, for the twelve months ended December 31, 2011. The increase
in net loss is primarily due to a change in fair value of derivative
instruments related to warrants of $6.7 million, or $0.51 per share, as well
as an increase in the total research and development costs and general and
administrative expenses of $2.1 million, $0.16 per share, as compared to the
prior year comparable period.
Cash and Cash Equivalents
Trovagene had cash and cash equivalents of $10.8 million at December 31, 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 inthe second quarter of2012. In addition,
Trovagene closed a private placement which provided net proceedsof $4.4
million inthe fourth quarter of2012.
Review of 2012 and 2013 Announcements Demonstrate Progress in Development
oLaunched HPV-HR assay, a urine-base molecular human papillomavirus (HPV)
test in 2013.
oExtended 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 in 2013.
oExpanded 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 in 2013 from an
initial collaboration for the detection transrenal KRAS mutation in the
urine of patients with pancreatic cancer in 2012.
oEntered into research collaboration with Brazil's Barretos Cancer Hospital
to evaluate Trovagene's urine-based HPV assay as a potential Pap smear
replacement in 2012.
oEntered into an agreement with India's Strand Life Sciences to validate
and commercialize the HPV assay in India and South Asia in 2012.
oGranted licenses for NPM1 marker for acute myelogenous leukemia to Quest
Diagnostics, Duke University and Genoptix, Inc. in 2012. Received a
milestone payment related to the NPM1 patent issuance from Ipsogen, S.A.
oStrengthened patent portfolio. Received notification of issuance of two
U.S. patents in 2012. Trovagene now has 60 issued patents and 47 pending
oAcquired a CLIA-certified, CAP-approved laboratory in 2012.
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)
Financial Investor Relations
Stephen Zaniboni Amy Caterina
Chief Financial Officer Investor Relations
Trovagene, Inc. Trovagene, Inc.
Trovagene, Inc. and Subsidiaries
(A Development Stage Company)
Selected Financial Information
Consolidated Condensed Statements of Operations
(in thousands, except for per share amounts)
December 31, YearEnded
2012 2011 2012 2011
Revenues $ 163 $ 34 $ $
Research and 594 308 1,920 910
General and 1,003 603 3,379 2,324
Total operating 1,597 911 5,299 3,234
Loss from (1,434) (877) (4,849) (2,977)
Other income 4 - 4 (56)
extinguishment of - - - 623
Change in fair
derivative (4,896) (370) (6,721) 171
Net (loss) and $
comprehensive $ (6,326) $ (1,247) (11,566) (2,239)
Preferred stock (10) (10) (38) (38)
available to $ (6,336) $ (1,257) (11,604) $
common $ (2,277)
Basic and diluted $
net loss per $ (0.43) (0.12) $ (0.89) (0.23)
shares 14,716 10,632 13,067 9,712
basic and diluted
Trovagene, Inc. and Subsidiaries
(A Development Stage Company)
Consolidated Condensed Balance Sheet Information
December 31, December 31,
Cash and cash equivalents $ 10,820 $ 700
Other assets 590 316
Property and equipment, net 255 23
Total assets $ 11,665 $ 1,039
Accounts payable, accrued expenses and other $ 730 $ 1,430
Derivative financial instruments 8,766 3,840
Stockholders' equity (deficiency) 2,169 (4,231)
Total liabilities and stockholders' equity $ 11,665 $ 1,039
SOURCE Trovagene, Inc.
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