Trovagene, Inc. Announces First Quarter 2013 Earnings

            Trovagene, Inc. Announces First Quarter 2013 Earnings

PR Newswire

SAN DIEGO, May 14, 2013

SAN DIEGO, May 14, 2013 /PRNewswire/ -- Trovagene, Inc. (NASDAQ:TROV), a
developer of transrenal molecular diagnostics, today reported its financial
results for the three months ended March 31, 2013.

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

First Quarter 2013 Financial Results

For the first quarter ended March 31, 2013, Trovagene reported a net loss of
$1.1 million, or $0.07 per share, as compared to a net loss of $1.2 million,
or $0.11 per share, for the three months ended March 31, 2012. The decrease in
net loss is primarily due to a change in the fair market value of derivative
instruments, which was offset by increased operating expenses during the first
quarter of 2013 as compared to the prior year comparable period.

Cash and Cash Equivalents

Trovagene had cash and cash equivalents of $9.2 million at March 31, 2013, as
compared to $10.8 million at December 31, 2012.

Review of First Quarter Announcements Demonstrate Progress in Development
Programs

  oInitiated a pilot launch HPV-HR assay, a urine-based molecular human
    papillomavirus (HPV) test.
  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.
  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.

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)
                                                   Three Months Ended

                                                   March 31,
                                                    2013         2012
                                                    (unaudited)  (unaudited)
Revenues                                            $  119       $  34
Operating expenses:
Research and development                            802          337
General and administrative                          1,707        827
Total operating expenses                            2,509        1,164
Operating loss                                      (2,390)      (1,130)
Other income (expense):
Change in fair market value of derivative           1,279        (32)
instruments
Net loss and comprehensive loss                        (1,111)      (1,162)
Preferred stock dividend                            (6)          (10)
Net loss and comprehensive loss attributable to    $  (1,117)   $  (1,172)
common stockholders
Basic and diluted net loss per share                $  (0.07)    $  (0.11)
Weighted average shares outstanding - basic and     15,510       11,002
diluted



Trovagene, Inc. and Subsidiaries
(A Development Stage Company)
Consolidated Condensed Balance Sheet Information
(in thousands)
                                                    March 31,    December 31,

                                                    2013         2012
                                                    (unaudited)
Cash and cash equivalents                           $   9,164    $   10,820
Other assets                                        704          590
Property and equipment, net                         330          255
Total assets                                        $   10,198   $   11,665
Accounts payable, accrued expenses and other        $   1,176    $   730
liabilities
Derivative financial instruments                    7,486        8,766
Stockholders' equity                                1,536        2,169
Total liabilities and stockholders' equity          $   10,198   $   11,665

SOURCE Trovagene, Inc.

Website: http://www.trovagene.com
 
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