Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

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
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"There's plenty of bandwidth out there but it's never in the right place. So what Cedexis does is uses data to work out the best pathways to get data from the origin to the person who wants to get it," explained Simon Jones, Evangelist and Head of Marketing at Cedexis, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that CrowdReviews.com has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5–7, 2018, at the Javits Center in New York City, NY. CrowdReviews.com is a transparent online platform for determining which products and services are the best based on the opinion of the crowd. The crowd consists of Internet users that have experienced products and services first-hand and have an interest in letting other potential buye...
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of SYS-CON's 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
It is of utmost importance for the future success of WebRTC to ensure that interoperability is operational between web browsers and any WebRTC-compliant client. To be guaranteed as operational and effective, interoperability must be tested extensively by establishing WebRTC data and media connections between different web browsers running on different devices and operating systems. In his session at WebRTC Summit at @ThingsExpo, Dr. Alex Gouaillard, CEO and Founder of CoSMo Software, presented ...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, introduced two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a multip...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics gr...