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BG Medicine Announces Fiscal 2010 Year End And Fourth Quarter Results

Stocks in this article: BGMD

WALTHAM, Mass., March 16, 2011 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD) today announced its consolidated results of operations for the year and quarter ended December 31, 2010 and provided a business update. The Company will host a conference call and webcast today, March 16, 2011, beginning at 4:30 pm Eastern time (details follow below).

For fiscal 2010, the Company reported a consolidated net loss of $17.2 million compared to a consolidated net loss of $16.1 million for fiscal 2009. For the quarter ended December 31, 2010, the Company reported a consolidated net loss of $3.3 million compared to a consolidated net loss of $4.2 million for quarter ended December 31, 2009.

At December 31, 2010, the Company had consolidated cash, cash equivalents and marketable securities totaling approximately $2.4 million. The Company completed its initial public offering on February 9, 2011. Net proceeds to the Company from the offering were approximately $35.1 million.

Business Update

"The past twelve months have been an active and productive period for us," said Pieter Muntendam, M.D., president and chief executive officer of BG Medicine. "Major accomplishments during this past year include the FDA clearance of our first product, galectin-3, and the recent completion of our initial public offering. In addition, we have made significant progress in the development of our second product candidate, AMIPredict, which is in development as a test to identify people at risk of a first heart attack. We believe the Company is well positioned for a very exciting 2011.

"In November 2010, we received FDA clearance for a manual version of our galectin-3 test as an aid in the prognosis of patients with heart failure," stated Dr. Muntendam. "Galectin-3 is the first novel blood test for cardiac disease approved by the FDA in the past five years, and we believe it has the potential to be the most significant cardiovascular diagnostic product since BNP was launched in 2001. In January of 2011, our partner, Labcorp, started to make galectin-3 testing available to physicians in the Unites States through their nationwide laboratory testing network. We have now begun our sales and marketing efforts to support this launch.

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