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 firstname.lastname@example.org email@example.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
Trovagene, Inc. Announces First Quarter 2013 Earnings
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