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BG Medicine Announces Fiscal 2010 Year End And Fourth Quarter Results

Stocks in this article: BGMD

Cost of revenue for the quarter ended December 31, 2010 decreased by approximately 74%, or $393,000, to $136,000 from $529,000 in the quarter ended December 31, 2009. The reduction in cost of revenue was primarily due to the decrease in costs associated with our service agreements.

Research and development expenses for the quarter ended December 31, 2010 decreased by approximately 53%, or $1.1 million, to $943,000 from $2.0 million in the quarter ended December 31, 2009. The reduction in expense was due to decreased activity and personnel-related costs associated with our internal biomarker discovery and development efforts, primarily our galectin-3 program. The decrease was also due to the reduction of research and development expenses due to the receipt of a grant under the Qualified Therapeutic Discovery Program in the amount of approximately $489,000.

Selling, general and administrative expenses for the quarter ended December 31, 2010 decreased by approximately 5%, or $103,000, to $1.9 million in the quarter ended December 31, 2009. This was primarily due to a decrease in personnel-related selling expenses.

Interest expense increased by $787,000, to $828,000 in the quarter ended December 31, 2010 from $41,000 in the quarter ended December 31, 2009. This increase was due to non-cash expenses arising from the issuance in November 2010 of the final $2.0 million tranche of our bridge notes, and the related issuance of 138,449 common stock warrants.

Conference call and webcast

The Company will host a conference call and webcast today, March 16, 2011, beginning at 4:30 pm Eastern time. The conference call may be accessed by dialing (877) 845-1016 from the U.S. and Canada, or (708) 290-1155 from international locations. The conference call will also be available via the Internet at www.bg-medicine.com .

A replay of the call will be available approximately one hour following the end of the call through March 23, 2011. The replay may be accessed by dialing (800) 642-1687 within the U.S. and Canada or (706) 645-9291 from international locations, passcode 50496943. The call will be archived and accessible on the Web site for approximately 30 days.

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