|By PR Newswire||
|March 14, 2014 05:23 PM EDT||
QUEBEC CITY, March 14, 2014 /PRNewswire/ - DiagnoCure, Inc. (TSX: CUR) (OTCQX: DGCRF) (the "Corporation") today reported financial and operational results for the first quarter 2014 ended January 31, 2014. The Corporation announced a net loss of $529,739 or $0.01 per share for this quarter. At the end of the quarter, cash, cash equivalents and short-term investments stood at $3,543,029.
During the first quarter ended January 31, 2014, PCA3 royalties paid to DiagnoCure by Hologic decreased by 12% compared with the same quarter in 2013. Quarterly worldwide sales of less than $US2.0 million are not meeting the Corporation's expectations for a test whose value is supported by an ever-increasing number of clinical studies and publications. In 2013 alone, 54 new papers were published on PCA3. Nearly 250 papers reporting the clinical utility of PCA3 have now been published. Consequently, the underperformance of PCA3 sales cannot be explained by a declining interest from the medical community. DiagnoCure believes that: (1) more resources need to be committed to the PCA3 marketing and sales effort and (2) the product needs to be made available on an instrument platform more suitable to the prostate cancer diagnostic and screening market. For these reasons, DiagnoCure has continued to pursue active discussions to purchase Hologic's entire prostate-oncology business unit. The intent of the Corporation in regaining all rights to PCA3 is to capitalize on its internal expertise to develop and manufacture an in-house Polymerase Chain Reaction (PCR) version of the PCA3 test. Data already generated by DiagnoCure indicates that performance of the PCR-based PCA3 test is similar to that of the currently marketed PROGENSA® PCA3 assay.
"DiagnoCure's board of directors is pressing to resolve the current situation with Hologic to ensure that PCA3 gets the attention we believe it deserves. Meanwhile the study on our new multi-marker prostate cancer test is proceeding on schedule and discussions regarding commercialization of Previstage™ GCC are progressing," stated Dr. Yves Fradet, Chairman of the Board.
Results of the First Quarter 2014
Total revenues for the first quarter of 2014 were $146,969 compared with $167,916 for the same period of 2013. This decrease of $20,947 or 12% is attributable to Hologic Gen-Probe PCA3 royalties. In the first quarter of 2014, royalty revenues from Hologic Gen-Probe were $146,969, compared to $167,916 for the same period of 2013. This decrease is attributable to a decrease of 28% in U.S. royalty revenues and 4% in European royalty revenues as compared to the same period in 2013.
Operating expenses decreased by $279,445, to $676,708 for the first three months of 2014 from $956,153 for the same period of 2013. This decrease is mainly attributable to reduction in professional fees and amortization of the intangible asset. Total operating expenses decreased primarily as a result of the following:
- Research and development expenses, net of investment tax credits, decreased by $165,056, to $239,803 for the first three-month of 2014 from $404,859 for the same period of 2013. This decrease in research and development expenses is attributable to the amortization charge of the GCC intangible asset following the review of its useful life and to the amortization of the Shc intangible asset, since the Corporation recognized a full impairment charge in the last quarter of fiscal 2013.
- General and administrative expenses decreased by $106,322, to $403,001 for the first three-month period of 2014 from $509,323 for the same period of 2013. This decrease is attributable to reduction in professional fees and stock-based compensation expenses.
For the three months periods ended
|License and royalty revenues||146,969||167,916|
|Operating expenses (before stock-based compensation, depreciation and amortization)||574,242||698,116|
|Net loss (before stock-based compensation, depreciation and amortization)||(427,273)||(530,200)|
|Depreciation of property, plant and equipment||14,931||19,834|
|Amortization of intangible asset||69,922||199,521|
|Net loss and comprehensive loss||(529,739)||(788,237)|
|Basic and diluted net loss per share||(0.01)||(0.02)|
|Weighted average number of common shares outstanding||43,040,471||43,040,471|
|Consolidated Balance Sheets|
|January 31, 2014||October 31, 2013|
|Cash, cash equivalents and short term investments||3,543,029||4,190,296|
|Number of commons shares outstanding||43,040,471||43,040,471|
Annual and Special Meeting of Shareholders
DiagnoCure confirms that the Annual and Special Meeting of its shareholders will be held as follows:
|TIME:||Thursday, April 17, 2014||LOCATION:||McCarthy Tétrault's offices|
|3:00 p.m. (EDT)||1000 de la Gauchetière Street West|
|Montréal (Québec) H3B 0A2|
DiagnoCure (TSX: CUR) (OTCQX: DGCRF) is a life sciences corporation that develops and commercializes high-value cancer diagnostic tests that increase clinician and patient confidence in making critical treatment decisions. In 2008, the Corporation launched a colorectal cancer staging test through its U.S. CLIA laboratory. PrevistageTM GCC is currently available for licensing. The Corporation has granted a worldwide exclusive license on the diagnostic applications of its proprietary molecular biomarker PCA3 to Gen-Probe, now a wholly-owned subsidiary of Hologic Inc. Hologic Gen-Probe's PROGENSA® PCA3 prostate cancer test is commercialized in Europe under CE mark and is approved for commercialization in Canada and the United States. For more information, please visit www.diagnocure.com.
This release may contain forward‐looking statements that involve known and unknown risks, uncertainties and assumptions that may cause actual results to differ materially from those expected. Forward-looking statements can be identified by the use of the conditional or forward-looking terminology such as "anticipates", "assumes", "believes", "estimates", "expects", "intend", "may", "plans", "projects", "should", "will", or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. All such forward-looking statements are made pursuant to the "safe-harbour" provisions of applicable Canadian securities laws. 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. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Corporation's current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Corporation's business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes and that they should not place undue reliance on these forward‐looking statements. For instance, any forward-looking statements regarding the outcome of research and development projects, clinical studies and future revenues, including those related to PROGENSA® PCA3, are based on management expectations and such outcome may vary materially depending on global political and economic conditions, dependence on collaboration partners, uncertainty of healthcare reimbursement, and marketing and distribution challenges. 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.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Oct. 1, 2016 01:30 PM EDT Reads: 846
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Oct. 1, 2016 01:00 PM EDT Reads: 5,185
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Oct. 1, 2016 12:30 PM EDT Reads: 3,098
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Oct. 1, 2016 12:30 PM EDT Reads: 5,528
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Oct. 1, 2016 12:30 PM EDT Reads: 617
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 12:30 PM EDT Reads: 2,329
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Oct. 1, 2016 12:30 PM EDT Reads: 3,264
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
Oct. 1, 2016 12:30 PM EDT Reads: 609
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Oct. 1, 2016 11:45 AM EDT Reads: 2,808
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Oct. 1, 2016 11:30 AM EDT Reads: 1,330
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Oct. 1, 2016 11:15 AM EDT Reads: 883
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Oct. 1, 2016 10:45 AM EDT Reads: 629
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Oct. 1, 2016 10:30 AM EDT Reads: 721
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...
Oct. 1, 2016 10:30 AM EDT Reads: 1,729