NEW YORK (GenomeWeb) – Cancer Genetics reported today that its third quarter revenues were up 68 percent year over year.
The oncology-focused clinical services firm reported total Q3 revenues of $6.8 million compared to $4 million in Q3 2015.
The firm reported a 204 percent increase in clinical services test volume to 7,334 tests, driven by an increase in immuno-oncology testing, companion diagnostic testing for PD-L1, and solid tumor profiling.
Cancer Genetics said that R&D expenses in Q3 fell 11 percent to $1.6 million from $1.8 million in the year-ago period, while SG&A expenses edged up slightly to $4.8 million from $4.7 million.
"During this past quarter we improved all aspects of our business: organic growth, cost of operations, contracts with biotech and pharmaceutical companies, capturing cost and revenue synergies from our Center of Excellence in Solid Tumor Profiling, and advancements in our disease-specific NGS panels for renal cancer, lymphomas, and multiple myeloma," Cancer Genetics CEO and President Panna Sharma said in a statement.
The firm's Q3 net loss narrowed to $3.7 million from $5.2 million a year ago, and its loss per share narrowed to $.23 from a loss of $.56 per share in Q3 2015. The company used approximately 16.5 million shares to calculate loss per share in the recently completed quarter compared to about 9.7 million shares in Q3 2015. Since Q3 2015, the company completed a number of direct stock offerings.
Cancer Genetics stated it continued to expand its liquid biopsy portfolio this quarter with the launch of its Focus::Renal next-generation sequencing panel for renal cancers. Additionally, the company strengthened its position in myeloid cancer diagnostics by receiving New York State approval for Focus::Myeloid, an NGS panel for diagnosis, risk, stratification, and therapy selection for myeloid cancers.
Its recent partnership with ApoCell, an MD Anderson Cancer Center spinout focused on rare cell detection and capture, will help improve its service offerings.
Cancer Genetics also announced a partnership with Bio Analytical Research, a global central laboratory supporting clinical trials and serving large pharmaceutical and biotech companies across the globe. Both companies expect to jointly market, sell, and deliver on contracts that serve an increasing global demand for validated biomarker and companion strategies in oncology trials. To date, the company is involved in over 27 immuno-oncology trials and projects.
"Partnerships with leaders that are enabling precision medicine in oncology are important for us to broaden our footprint, and develop new capabilities that are needed in the marketplace while maintaining control over direct sales expertise," Sharma said.
The company also stated its intention to move into the hereditary cancer testing market.
Cancer Genetics finished the quarter with $10.7 million in cash and cash equivalents.