CARLSBAD, Calif., Nov. 14, 2014 (GLOBE NEWSWIRE) -- Signal Genetics, Inc. (Nasdaq:SGNL) (Signal), a commercial stage, molecular diagnostic company focused on providing innovative diagnostic services that help physicians make better-informed decisions concerning the care of their patients suffering from cancer, today provided a business update and overview of its recent achievements.
Recent Highlights
- Increased net revenue to $1.3 million for the third quarter, an increase of 32% from the third quarter of 2013
-
Named two key appointments to management team
- Tamara Seymour, Chief Financial Officer
- Michael C. Cerio, Senior Vice President, Commercial Strategy and Business Development
- Expanded sales force with two additional hires
- Extended exclusive laboratory services agreements with University of Arkansas for Medical Sciences (UAMS)
Samuel D. Riccitelli, Signal's President and Chief Executive Officer, commented, "During the third quarter, we continued to execute on our business strategy by significantly growing our revenue, extending a key relationship and expanding our leadership team. Of note, we grew revenue by 32% during the quarter when compared to the third quarter of 2013, which includes an increase of 128% from non-UAMS hospitals. UAMS is our key partner and we recently extended our exclusive laboratory services agreement with this top research center for the treatment of multiple myeloma. We are excited about the confidence they continue to demonstrate in the Company, but we also realize the importance of growing our revenue through other relationships. We believe the revenue growth we achieved speaks to the growing recognition from physicians of our MyPRS® test and the benefits it provides in the management of patient care."
Mr. Riccitelli concluded, "In addition, we made two key hires since our initial public offering at the end of June with the appointment of Tamara Seymour as Chief Financial Officer and Michael C. Cerio as Senior Vice President of Commercial Strategy and Business Development. They each bring to the Signal team a wealth of industry knowledge and we look forward to the continued contributions they will make to the Company's long-term success. Along with Tamara and Michael, we have expanded our sales force to three people, all of whom have a tremendous amount of experience in oncology product sales and will be key members of our team as we seek to expand our footprint."
About Signal Genetics, Inc.
Signal Genetics, Inc., headquartered in Carlsbad, California, is a commercial stage, molecular diagnostic company focused on providing innovative diagnostic services that help physicians make better-informed decisions concerning the care of their patients suffering from cancer. The Company's mission is to develop, validate and deliver innovative diagnostic services that enable better patient-care decisions. Signal was founded in January 2010 and became the exclusive licensee in its licensed field to the renowned research on multiple myeloma performed at UAMS, in April 2010.
(Financial Statements to follow.)
| Signal Genetics, Inc. and Subsidiaries | ||
| Consolidated Balance Sheets | ||
| September 30, 2014 | December 31, 2013 | |
| (Unaudited) | ||
| ASSETS | ||
| Current assets: | ||
| Cash | $ 6,388,358 | $ 209,348 |
| Restricted cash | 50,236 | 50,180 |
| Accounts receivable, net | 1,549,998 | 994,010 |
| Inventory | 232,064 | 356,641 |
| Prepaid expenses and other current assets | 434,902 | 444,369 |
| Total current assets | 8,655,558 | 2,054,548 |
| Property and equipment, net | 825,882 | 928,026 |
| Deferred issuance costs | -- | 655,018 |
| Security deposits | 43,326 | 35,034 |
| $ 9,524,766 | $ 3,672,626 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY/MEMBERS' DEFICIENCY | ||
| Current liabilities: | ||
| Accounts payable and accrued expenses | $ 939,481 | $ 689,716 |
| Amounts due to related party | 1,045,000 | -- |
| Note payable - current portion | 10,597 | 42,046 |
| Note payable - related party | -- | 26,568,554 |
| Total current liabilities | 1,995,078 | 27,300,316 |
| Lease termination/abandonment payable | -- | 259,345 |
| Commitments and contingencies | ||
| Stockholders' equity/members' deficiency: | ||
| Common stock, $0.01 par value, 50,000,000 shares authorized, 3,782,629 shares issued and outstanding at September 30, 2014 and no shares issued and outstanding at December 31, 2013 | 37,826 | -- |
| Additional paid in capital | 39,010,827 | -- |
| Accumulated deficit | (31,518,965) | -- |
| Members' deficiency | -- | (23,887,035) |
| Total members' deficiency/stockholders' equity | 7,529,688 | (23,887,035) |
| $ 9,524,766 | $ 3,672,626 | |
| Signal Genetics, Inc. and Subsidiaries | ||
| Unaudited Consolidated Statements of Operations | ||
| Three Months Ended | ||
|
September 30, 2014 |
September 30, 2013 |
|
| Net revenue | $ 1,300,990 | $ 983,589 |
| Operating expenses: | ||
| Cost of revenue | 871,522 | 713,200 |
| Selling and marketing | 178,816 | 99,941 |
| General and administrative | 1,103,762 | 435,503 |
| Stock compensation | 703,725 | -- |
| Research and development | 76,214 | 46,604 |
| Total operating expenses | 2,934,039 | 1,295,248 |
| Operating loss | (1,633,049) | (311,659) |
| Interest expense | (4,154) | (567,976) |
| Net loss | (1,637,203) | (879,635) |
| Dividend to member unit holder of Myeloma Health LLC | -- | (60,000) |
| Net loss attributable to stockholders of Signal Genetics, Inc. | $ (1,637,203) | $ (939,635) |
| Basic and diluted net loss per share: | ||
| Net loss attributable to stockholders of Signal Genetics, Inc. | $ (0.43) | $ (0.35) |
| Weighted average shares outstanding - basic and diluted | 3,782,629 | 2,672,349 |
| Signal Genetics, Inc. and Subsidiaries | ||
| Unaudited Consolidated Statements of Operations | ||
| Nine Months Ended | ||
|
September 30, 2014 |
September 30, 2013 |
|
| Net revenue | $ 3,665,484 | $ 3,225,881 |
| Operating expenses: | ||
| Cost of revenue | 2,333,216 | 2,110,323 |
| Selling and marketing | 325,639 | 253,094 |
| General and administrative | 1,891,006 | 1,131,555 |
| Stock compensation | 3,578,465 | -- |
| Research and development | 148,288 | 182,193 |
| Total operating expenses | 8,276,614 | 3,677,165 |
| Operating loss | (4,611,130) | (451,284) |
| Interest expense | (1,020,801) | (1,505,198) |
| Net loss | (5,631,931) | (1,956,482) |
| Dividend to member unit holder of Myeloma Health LLC | -- | (240,000) |
| Net loss attributable to stockholders of Signal Genetics, Inc. | $ (5,631,931) | $ (2,196,482) |
| Basic and diluted net loss per share: | ||
| Net loss attributable to stockholders of Signal Genetics, Inc. | $ (1.78) | $ (0.85) |
| Weighted average shares outstanding - basic and diluted | 3,162,639 | 2,587,475 |