Welcome!

Microsoft Cloud Authors: Pat Romanski, Lori MacVittie, Andreas Grabner, Jim Kaskade, John Basso

News Feed Item

DiagnoCure announces fourth quarter 2012 and year-end results

All commercial rights to Previstage™ GCC Colorectal Cancer Staging Test returned to DiagnoCure

QUEBEC CITY, Jan. 11, 2013 /PRNewswire/ - DiagnoCure, Inc. (TSX: CUR) today reported financial and operational results for the fourth quarter 2012 and fiscal year ended October 31, 2012. The Company announced a net loss from continuing operations of $1,978,355 or $0.05 per share for the fourth quarter ending October 31, 2012, and a net loss of $3,679,324 or $0.09 per share for fiscal year 2012. At the end of the quarter, cash, short-term investments and long-term investments stood at $5,824,771.

Recent Highlights

Following the departure of three members of its Board of directors, on November 26, 2012, DiagnoCure announced the appointment of two new members to its Board. The new directors are Dr. Jacques Simoneau, President and CEO of Gestion Univalor L.P. and Mr. Andrew J. Sheldon, President and CEO of Medicago inc. The Corporation believes that the arrival of these two experienced directors, who will stand for re-election at DiagnoCure's next annual meeting of shareholders, contributes to diversification of the outstanding talents and wide-ranging experience on the board.

The development and license agreements between DiagnoCure and Signal Genetics entered into in June 2011 have been terminated. As a result, DiagnoCure has regained all commercial rights and complete control of all intellectual property relating to its GCC biomarker and is released from any and all future obligations to Signal Genetics. The settlement amount of US$200K takes into account the inherent risks of litigation and the fact that DiagnoCure received US$6.2M both from the sale of its U.S. laboratory and the development agreement.

Results for the Fiscal Year Ended October 31, 2012

Total revenues for fiscal year 2012 were $2,472,038 compared with $1,241,781 for 2011. In 2012, royalty revenues amounted to $622,152 compared with $659,120 for 2011. Royalty revenues from Hologic Gen-Probe decreased by $17,673 to $587,615 for fiscal year 2012, from $605,288 for 2011. This decrease is attributable to sales in Europe reflecting the general softness in the European markets due to austerity measures. In contrast, U.S. royalty revenues increased by 17% from 2011. Royalty revenues from Scimedx, related to ImmunoCytTM / uCyt+TM, decreased by $25,767, from $44,244 for 2011 to $18,477 for 2012. The 2012 ImmunoCytTM / uCyt+TM royalties represent the last receivable as the contractual agreement with Scimedx has expired. Following the agreement with Signal Genetics, DiagnoCure recorded PrevistageTM GCC royalties of $16,060 in 2012 compared to $9,588 for 2011. In fiscal year 2012, DiagnoCure provided to a subsidiary of Signal Genetics R&D services in support to the PrevistageTM GCC Colorectal Cancer Staging Test for an amount of $1,223,485, for a total in accounts receivable of $707,012. In connection with the settlement with Signal Genetics, DiagnoCure has taken a provision for doubtful accounts of $507,092 related to the accrued accounts receivable. Pursuant to FDA approval of the PROGENSA® PCA3 test on February 15, 2012, DiagnoCure recorded an annual payment of $626,401 for 2012, compared with $502,491 for 2011. The 2009 amended agreement with Gen-Probe contained an FDA submission milestone that had to be paid on January 31st of each year until said milestone was reached. As a result of the PROGENSA® PCA3 test having been approved, all the conditions in the amendment have been met. Accordingly, DiagnoCure recorded the full 2012 payment as revenues in the second quarter of 2012.

Operating expenses decreased by $347,857, to $6,151,362 for fiscal year 2012 from $6,499,219 for fiscal year 2011. This decrease is mainly attributable to impairment and financial expenses. Based on the above, for fiscal year 2012, DiagnoCure recorded a net loss from continued operations of $3,679,324 or $0.09 per share, compared with $5,257,438 or $0.12 per share for fiscal year 2011.

Results of the Fourth Quarter 2012

Total revenues for the fourth quarter of 2012 were $142,995 compared with $345,923 for the same period of 2011. In the fourth quarter of 2012, royalty revenues amounted to $142,995 compared with $141,951 for the corresponding period of 2011. Royalty revenues from Hologic Gen-Probe increased by $11,753 to $137,097 for the fourth quarter of 2012, from $125,344 for the same period of 2011. In the fourth quarter of 2011, DiagnoCure recorded royalties of $7,019 from Scimedx, related to ImmunoCytTM / uCyt+TM. As the contractual agreement with Scimedx has expired, DiagnoCure did not recognize royalty revenues in the fourth quarter of 2012. Following the agreement signed with Signal Genetics, DiagnoCure recorded PrevistageTM GCC royalties of $5,898 in the fourth quarter of 2012 compared with $9,588 in the fourth quarter of 2011. In the fourth quarter of 2011, DiagnoCure had sold clinical samples to Signal Genetics to support their lung cancer testing R&D for an amount of $82,632. There were no sales of samples for the same period of 2012. Pursuant to the amendment agreement signed with Gen-Probe on April 29, 2009, DiagnoCure recorded a portion of the annual payment, that is, $123,802 for the fourth quarter of 2011.

Operating expenses decreased by $519,132, to $2,121,350 for the fourth quarter of 2012, from $2,640,482 for the same quarter of 2011. This decrease is mostly attributable to the impairment charges on the SHC technology and to foreign currency translation related to discontinued operations. Based on the above, for the fourth quarter of 2012, DiagnoCure recorded a net loss of $1,978,355 or $0.05 per share, compared with $2,294,559 or $0.06 per share, for the same period of 2011.

Financial Data

For the periods of Three months ended
October 31
Years ended
October 31
2012 2011 2012 2011
  $ $ $ $
Sales net of cost of sales 80,170 80,170
Revenue under research agreement 1,223,485
Revenue under license agreement 142,995 265,753 1,248,553 1,161,611
Total revenues 142,995 345,923 2,472,038 1,241,781
Operating expenses (before stock-based compensation, depreciation, amortization, impairment and foreign currency translation) 1,191,988 675,903 4,356,094 3,337,648
Net loss (before stock-based compensation, depreciation, amortization, impairment and foreign currency translation) (1,048,993) (329,980) (1,884,056) (2,095,867)
Stock-based compensation 43,356 57,590 179,713 293,566
Depreciation of property, plant and equipment 24,019 40,114 118,578 188,072
Amortization of intangible asset 211,987 271,234 846,977 1,084,292
Impairment of intangible asset 650,000 713,046 650,000 713,046
Foreign currency translation 882,595 882,595
Net loss from continuing operation (1,978,355) (2,294,559) (3,679,324) (5,257,438)
Basic and diluted net loss per share (0.05) (0.06) (0.09) (0.12)
Weighted average number of common shares outstanding 43,029,037 42,993,274 43,029,037 42,993,274

Consolidated Balance Sheets

  As of October 31
  2012 2011
Cash, cash equivalents, temporary and long-term investments 5,824,771 8,883,528
Total assets 11,256,369 15,793,209
Shareholders' equity 10,448,087 13,932,708
Number of Shares 43,040,471 43,013,471

Conference call

DiagnoCure's management will host a conference call at 4:30 p.m. (EST) on January 11, 2013. Interested participants may listen to the call by dialing 1-888-231-8191 or 514-807-9895 and referencing code 86003400 approximately 15 minutes prior to the call. The Corporation will also provide a live webcast of the call. Interested participants may access the webcast on DiagnoCure's website at www.diagnocure.com, through a link on the Investors page - Presentations. A replay of the webcast will be available on DiagnoCure's website for those unable to participate in the live webcast.

About DiagnoCure

DiagnoCure (TSX: CUR) is a life sciences corporation that develops and commercializes high-value cancer diagnostic tests that increases clinician and patient confidence in making critical treatment decisions. In 2008, the Corporation launched the PrevistageTM GCC Colorectal Cancer Staging Test through its U.S. CLIA laboratory. The Corporation then granted a worldwide exclusive license to this test to Signal Genetics in June 2011, which was subsequently terminated in January 2013. The Corporation has also granted a worldwide exclusive license agreement to Gen-Probe, now a wholly-owned subsidiary of Hologic Inc. (NASDAQ: HOLX) operating as Hologic Gen-Probe, for the development and commercialization of a prostate cancer test using PCA3, DiagnoCure's proprietary molecular biomarker. Gen-Probe's PROGENSA® PCA3 test is commercialized in Europe under CE mark and is approved for commercialization in Canada and the United States. For more information, visit www.diagnocure.com.

Forward-looking statements

This release contains forward-looking statements that involve known and unknown risks, uncertainties and assumptions that may cause actual results to differ materially from those expected. By their very nature, forward-looking statements are based on expectations and hypotheses and also involve risks and uncertainties, known and unknown, many of which are beyond DiagnoCure's control. As a result, investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements regarding the outcome of research and development projects, clinical studies and future revenues are based on management expectations. In addition, the reader is referred to the applicable general risks and uncertainties described in DiagnoCure's most recent Annual Information Form under the heading "Risk Factors". DiagnoCure undertakes no obligation to publicly update or revise any forward-looking statements contained herein unless required by the applicable securities laws and regulations.

SOURCE DiagnoCure inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
Unless your company can spend a lot of money on new technology, re-engineering your environment and hiring a comprehensive cybersecurity team, you will most likely move to the cloud or seek external service partnerships. In his session at 18th Cloud Expo, Darren Guccione, CEO of Keeper Security, revealed what you need to know when it comes to encryption in the cloud.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.