DiaGenic reports operating revenue of NOK 276 thousand for third quarter 2011

Oct 28 2011

DiaGenic has successfully finalized the first clinical study in collaboration with Pfizer, the market leader for Alzheimer's therapeutics sales and Pfizer has confirmed DiaGenic's findings resulting in a press release October 14th. The results will first be presented at the "4th Conference Clinical Trial on Alzheimer's Disease" (CTAD) meeting in San Diego, Ca, USA, 3-5th November.

In parallel with the R&D study and as previously stated, we have continued promoting our capabilities, core assets and diagnostic tests to multiple large pharma companies who are engaged in the AD field. These initial meetings has also resulted in the adaption of gene expression blood sampling in ongoing and planned clinical trials by several pharma companies. The positive R&D findings from the non-exclusive collaboration are now being presented to key pharma companies and create an increased interest in collaboration with DiaGenic.

We have also advanced our discussions with a global producer of amyloid PET tracers regarding R&D collabo­rations on the use of blood based gene expression biomarkers together with high cost PET imaging as part of a multimodal approach of future AD management.

DiaGenic's first patent on breast cancer in the US was accepted and notice of allowance was received on the United States family 3 patent application (11/628,300). The claims allowed cover the use of some important gene sequences, their functional equivalents and corresponding proteins in blood sample for detection and monitoring of breast cancer in the US. The allowed claims address diagnosis and monitoring of breast cancer using both gene expression and/or protein-based technologies. A broad range of gene probes, their functional equivalents and related protein targets are important for any multimodal diagnostic approach within the breast cancer field.

Operating revenue were NOK 276 thousand in the third quarter 2011 and NOK 3,035 thousand for the first nine months of 2011, compared with NOK 8 thousand and NOK 15 in the corresponding periods in 2010. Total operating costs for the third quarter in 2011 amounted to NOK 9.7 million and NOK 30.8 million for the first nine months of 2011, compared with NOK 9.6 million and NOK 32.1 million in the corresponding periods in 2010. Comprehensive income totalled NOK -9.0 million for the third quarter in 2011 and NOK -26.1 million in the first nine months of 2011, compared with NOK -9.6 million and NOK -32.0 in the corresponding periods in 2010. The company's cash and cash equivalents totalled NOK 66.3 million at 30 September 2011.

Post quarter outlook

- Execute on the companion diagnostics initiative towards pharma and diagnostic companies

- Presentation of study results at the 4th Conference Clinical Trial on Alzheimer's Disease (CTAD) meeting in San Diego, Ca, USA, 3-5th November 2011