Trovagene, Inc., Announces Fourth Quarter and Year End 2012 Earnings

     Trovagene, Inc., Announces Fourth Quarter and Year End 2012 Earnings

PR Newswire

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.

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

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
Programs

  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
    patents.
  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)

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



Trovagene, Inc. and Subsidiaries

(A Development Stage Company)

Selected Financial Information

Consolidated Condensed Statements of Operations



(in thousands, except for per share amounts)
                   QuarterEnded                    

                   December 31,                     YearEnded
                                                    December 31,
                   2012        2011           2012           2011
Revenues           $ 163        $ 34        $         $    
                                            450              257
Operating
expenses:
Research and       594         308            1,920            910
development
General and        1,003       603            3,379            2,324
administrative
Total operating    1,597       911            5,299            3,234
expenses
Loss from          (1,434)     (877)          (4,849)          (2,977)
operations
Other income       4           -              4                (56)
(expense)
Gain on
extinguishment of  -           -              -                623
debt
Change in fair
value of
derivative         (4,896)     (370)          (6,721)          171
instruments -
warrants
Net (loss) and                                               $   
comprehensive     $ (6,326)    $ (1,247)        (11,566)     (2,239)
(loss)                                        $
Preferred stock    (10)        (10)             (38)          (38)
dividend
Net loss                                      
available to       $ (6,336)    $ (1,257)       (11,604)     $   
common                                        $              (2,277)
shareholders
Basic and diluted                                           $    
net loss per       $ (0.43)        (0.12)     $ (0.89)       (0.23)
share                           $
Weighted average
shares                14,716   10,632           13,067           9,712
outstanding -
basic and diluted



Trovagene, Inc. and Subsidiaries

(A Development Stage Company)

Consolidated Condensed Balance Sheet Information

(in thousands)
                                                   December 31,  December 31,

                                                   2012          2011
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
liabilities
Derivative financial instruments                   8,766         3,840
Stockholders' equity (deficiency)                  2,169         (4,231)
Total liabilities and stockholders' equity         $   11,665    $    1,039
(deficiency)





SOURCE Trovagene, Inc.

Website: http://www.trovagene.com