|By PR Newswire||
|January 11, 2013 04:01 PM EST||
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.
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.
|For the periods of||
Three months ended
|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|
|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)|
|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|
|Cash, cash equivalents, temporary and long-term investments||5,824,771||8,883,528|
|Number of Shares||43,040,471||43,013,471|
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.
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.
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.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Jul. 28, 2016 07:15 PM EDT Reads: 1,225
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 28, 2016 05:30 PM EDT Reads: 2,212
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 28, 2016 04:30 PM EDT Reads: 1,184
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 28, 2016 04:15 PM EDT Reads: 1,773
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Jul. 28, 2016 03:45 PM EDT Reads: 1,027
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
Jul. 28, 2016 03:15 PM EDT Reads: 707
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Jul. 28, 2016 03:15 PM EDT Reads: 1,906
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 28, 2016 12:30 PM EDT Reads: 613
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Jul. 28, 2016 12:00 PM EDT Reads: 1,241
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 28, 2016 11:15 AM EDT Reads: 1,154
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 28, 2016 10:45 AM EDT Reads: 1,292
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 28, 2016 10:30 AM EDT Reads: 839
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Jul. 28, 2016 10:00 AM EDT Reads: 287
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 28, 2016 09:30 AM EDT Reads: 1,419
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 28, 2016 09:00 AM EDT Reads: 1,622
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 28, 2016 07:30 AM EDT Reads: 548
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 28, 2016 06:45 AM EDT Reads: 1,589
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.
Jul. 28, 2016 05:45 AM EDT Reads: 2,340
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 28, 2016 03:15 AM EDT Reads: 2,663
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 28, 2016 03:00 AM EDT Reads: 1,658