DiagnoCure announces first quarter 2015 results

QUEBEC CITY, March 6, 2015 /CNW Telbec/ - DiagnoCure, Inc. (TSX: CUR) (OTCQX: DGCRF) (the "Corporation") today reported financial and operational results for the first quarter 2015 ended January 31, 2015. The Corporation announced a net loss of $332,271 or $0.01 per share for this quarter. At the end of the quarter, cash, cash equivalents and temporary investments stood at $1,802,759. Operating expenses decreased by $201,522, to $475,186 for the first three months of 2015 from $676,708 for the same period of 2014. This decrease is attributable primarily to the operating expense reduction implemented in the first quarter of 2015, as announced in October 2014.

Highlights

DiagnoCure's recently developed multimarker, urine-based diagnostic test (PCP) was prospectively validated in 500 patients with an elevated prostate specific antigen (PSA) blood test. The analysis of this trial indicated that a subset of patients with a high PCP score had a 67% risk of having an aggressive prostate cancer. "In the current changing paradigm surrounding prostate cancer screening, this test can help select men who should be recommended for prostate biopsy," said Dr. Yves Fradet, President and Chief Medical Officer.

These positive results from the validation trial of the PCP test were accepted for presentation at the 30th Annual Congress of the European Association of Urology (EAU) to be held in Madrid, Spain, on March 20-24, 2015.

The Corporation is continuing discussions with potential partners for the marketing of this new test.

Financial Results for the First Quarter 2015

Total revenues for the first quarter of 2015 were $142,915 compared with $146,969 for the same period of 2014. Without taking into account the effect of the exchange rate variation, total revenues decreased by 15%, to US$112,381 for the first quarter of 2015 compared with US$132,178 for the same period of 2014. This decrease is mainly attributable to a decrease of 32% in PCA3 European royalty revenues as compared to the same period in 2014.

Operating expenses decreased by $201,522, to $475,186 for the first three months of 2015 from $676,708 for the same period of 2014. This decrease is attributable primarily to the operating expense reduction implemented in the first quarter of 2015, as announced in October 2014, and to the completion of the multicenter prospective study of the new multi-marker prostate cancer test. Total operating expenses decreased primarily as a result of the following:

  • Research and development expenses, net of investment tax credits, decreased by $66,671, to $173,132 for the first three-month of 2015 from $239,803 for the same period of 2014. This decrease in research and development expenses is attributable to the completion of the new multi marker prostate cancer test multicenter prospective study.
  • General and administrative expenses decreased by $131,742, to $271,259 for the first three-month period of 2015 from $403,001 for the same period of 2014. This decrease is attributable to the operating expenses reduction announced in October 2014 and to reduction in professional fees.

 

Financial Data


For the three-month periods ended

January 31

2015

2014


$

$

License and royalty revenues

142,915

146,969

Total revenues

142,915

146,969

Operating expenses (before stock-based compensation, depreciation and amortization)

386,206

574,242

Net loss (before stock-based compensation, depreciation and amortization)

(243,291)

(427,273)

Stock-based compensation

5,982

17,613

Depreciation of property, plant and equipment

13,606

14,931

Amortization of intangible asset

69,392

69,922

Net loss and comprehensive loss

(332,271)

(529,739)

Basic and diluted net loss per share

(0.01)

(0.01)

Weighted average number of common shares outstanding

43,040,471

43,040,471

 

Consolidated Balance Sheets


January 31, 2015

October 31, 2014

Cash, cash equivalents and temporary investments

1,802,759

2,227,326

Total assets

5,117,582

5,532,382

Shareholders' equity

4,713,284

5,039,573

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 30, 2015

LOCATION:

McCarthy Tétrault's offices


1:30 p.m. (EDT)


1000 de la Gauchetière Street West




Suite 2500




Montréal (Québec) H3B 0A2

 

About DiagnoCure

DiagnoCure (TSX: CUR; OTCQX: DGCRF) is a life sciences corporation that develops and provides molecular and genomic tests to support effective clinical decisions enabling personalized medicine in oncology. Previstage® GCC and the Corporation new multimarker prostate cancer test are currently available for licensing. The Corporation has granted a worldwide exclusive license on PCA3 for the development and commercialization of a prostate cancer test which is now 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.

Forwardlooking statements

This release may contain forwardlooking 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, forwardlooking 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 forwardlooking statements. For instance, any forward-looking statements regarding the outcome of research and development projects, clinical studies and future revenues, including those related to PCP, 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 forwardlooking statements contained herein unless required by the applicable securities laws and regulations.

 

SOURCE DiagnoCure inc.

For further information: Investors: DiagnoCure Inc., Frédéric Boivin, Sr. Director, Finances and administration, (418) 527-6100, communications@diagnocure.com; Media: DiagnoCure Inc., Danielle Allard, Sr. Director, Corporate Affairs, (418) 527-6100, communications@diagnocure.com

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