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DiagnoCure Posts Net Loss Of CAD2.6 Million For Q2 Fiscal 2009

DiagnoCure Inc. (DiagnoCure), an in vitro diagnostics company, has reported total revenues of CAD0.46 million for the second quarter of fiscal 2009, compared with the total revenues of CAD0.51 million in the year-ago quarter. It also reported a net loss of CAD2.6 million, or CAD0.06 loss per share, for the second quarter of fiscal 2009, compared with the net loss of CAD3.3 million, or CAD0.08 loss per share, in the year-ago quarter.

Highlights of the Quarter:

The second quarter of 2009 marked a turning point for DiagnoCure’s two commercialized tests, PCA3 for prostate cancer and Previstage GCC for colorectal cancer. Important studies were published and major initiatives were undertaken that should impact the market penetration and future sales of both tests.

Royalty revenues from Gen-Probe tripled from CAD46,591 to CAD145,107 for the second quarter of 2009.This increase is mostly attributable to the sales of PROGENSA PCA3 in Europe by Gen-Probe. As part of the amended agreement signed with Gen-Probe on April 29, 2009, DiagnoCure recorded a portion of the annual payment, that is, CAD148,400 for the second quarter of 2009.

Interest income decreased by CAD211,065 to CAD123,903 for the second quarter of 2009 compared with CAD334,968 for the second quarter of 2008. The decrease is attributable to the use of funds to finance the company’s operations and to the lower interest rates on its investments.

Cost of sales decreased by CAD70,328, from CAD86,750 for the second quarter of 2008 to CAD16,422 for 2009. This decrease is related to the end of direct ImmunoCytTM / uCyt+TM sales by DiagnoCure and to lower sample sales to Gen-Probe relative to their prostate cancer research program.

Operating expenses before stock -based compensation decreased by CAD540,944, from CAD3,482,329 for the second quarter of 2008 to CAD2,941,385 for the same period of 2009. This decrease reflects the impact of the layoff of nine people in November 2008 and reduction in R&D expenses, which were mostly related to the completion of the PrevistageTM GCC Colorectal Cancer Staging Test.