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BG Medicine Announces Fiscal 2010 Year End And Fourth Quarter Results

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About BG Medicine

BG Medicine is a life sciences company focused on the discovery, development, and commercialization of novel diagnostics based on biomarkers to improve patient outcomes and contain healthcare costs. BG Medicine recently launched the galectin-3 test for use in patients with heart failure.  The galectin-3 test is the first novel blood test for cardiac disease cleared by the FDA in five years. For additional information about BG Medicine and galectin-3 testing, please visit www.bg-medicine.com and www.galectin-3.com .

The BG Medicine Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8765

Safe Harbor Statement

This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: our expectations for our business operations and outlook, our belief that our galectin-3 test will be the most significant cardiovascular diagnostic product since BNP was launched in 2001, our expectation that our commercialization partners will begin FDA clearance submissions for their automated versions of the galectin-3 test starting in the fourth quarter of 2011, our belief that AMIPredict could be an improved diagnostic test when compared to conventional risk-factor based approaches for heart attack and stroke risk, our belief that identification of individuals at risk of heart attack could enable targeted primary prevention, such as anti-platelet and anti-thrombotic therapies, our expectations that the remaining development of AMIPredict will be completed in the second or third quarter of 2011 and that we expect to file a 510(k) application with the FDA shortly thereafter, our expectation that we will focus on raising awareness of our products with clinicians in preparation for the expected launch of the automated versions of our galectin-3 test commencing in 2012, and our belief that the net proceeds from our initial public offering will provide us with the capital to invest in the launch of the galectin-3 test in 2011 and 2012, as well as to continue the development of our pipeline products.  These statements are neither promises nor guarantees of future performance, and are subject to a variety of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our history of operating losses; our ability to transition into a commercial organization and generate sufficient revenue to sustain our business; our estimates of future performance, including the expected timing of the launch of our products; our ability to conduct the clinical studies required for regulatory clearance or approval and to demonstrate the clinical benefits and cost-effectiveness to support commercial acceptance of our products; the timing, costs and other limitations involved in obtaining regulatory clearance or approval for any of our product candidates; the potential benefits of our product candidates over current medical practices or other diagnostics; our ability to successfully develop, receive regulatory clearance or approval, commercialize and achieve market acceptance for any of our products and product candidates; willingness of third-party payors to reimburse for the cost of our tests at prices that allow us to generate sufficient profit margins; our reliance on third parties, including our ability to enter into collaboration agreements with respect to our product candidates and the performance of our collaborative partners under such agreements; our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; the expected timing, progress or success of our research and development and commercialization efforts; our ability to successfully obtain sufficient supplies of samples for our biomarker discovery and development efforts; our estimates regarding anticipated operating losses, future revenue, expenses, capital requirements and our needs for additional financing; our ability to recruit, hire and retain qualified personnel; and the limited public float and trading volume for our common stock and volatility in our stock price. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by the Company, see the disclosure contained in our public filings with the Securities and Exchange Commission, including the Company's Final Prospectus under the heading "Risk Factors" filed with the SEC on February 4, 2011 in connection with the Company's initial public offering and available on the Company's investor relations website at http://www.bg-medicine.com and on the SEC's website at http://www.sec.gov .

BG Medicine, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
         
         
  Three Months Ended Years ended
  December 31, December 31,
  2010 2009 2010 2009
  (in thousands, except share and per share data)
  (unaudited)
         
Revenue  $ 199  $ 373  $ 819  $ 8,490
Operating Expenses:        
Cost of revenue  136  529  786  8,431
Research and development  943  2,025  6,539  8,527
Selling, general and administrative  1,876  1,979  8,100  7,520
         
Total operating expenses  2,955  4,533  15,425  24,478
         
Loss from operations  (2,756)  (4,160)  (14,606)  (15,988)
         
Interest income  1  19  5  121
Interest expense  (828)  (41)  (2,792)  (244)
Other (expense) income  260  (55)  231  (26)
         
Net loss  (3,323)  (4,237)  (17,162)  (16,137)
         
Accretion of redeemable convertible preferred stock   (265)  (250)  (1,034)  (977)
         
Net loss attributable to common stockholders  $ (3,588)  $ (4,487)  $ (18,196)  $ (17,114)
         
Net loss attributable to common stockholders per share --         
 basic and diluted  $ (1.18)  $ (1.52)  $ (6.12)  $ (5.84)
         
Weighted-average common shares outstanding used in computing per share amounts - basic and diluted  2,994,602  2,947,696  2,971,434  2,930,818
 
BG Medicine, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
     
     
  As of December 31,
  2010 2009
  (in thousands, except share and per share data)
  (unaudited)
Assets    
Current assets    
Cash and cash equivalents  $ 2,425  $ 8,343
Marketable securities at fair value  --   2,050
Accounts receivable  786  278
Prepaid expenses and other current assets  405  244
     
Total current assets  3,616  10,915
     
Property and equipment, net  604  983
Intangible assets, net  541  625
Deferred offering costs  2,229  65
Deposits and other assets  37  37
     
Total assets  $ 7,027  $ 12,625
     
Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Deficit    
Current liabilities    
Term loan, current portion  $ 96  $ 1,156
Bridge notes, including accrued interest  6,276  -- 
Accounts payable  1,380  1,027
Accrued expenses  2,822  2,032
Deferred revenue and customer deposits  1,521  685
     
Total current liabilities  12,095  4,900
     
Term loan, net of current portion  --   96
Warrant liability  248  471
     
Total liabilities  12,343  5,467
     
Redeemable convertible preferred stock  72,093  71,059
     
Stockholders' deficit    
Convertible preferred stock  1,708  1,708
Common stock  3  3
Additional paid-in capital  16,618  12,966
Accumulated deficit  (95,738)  (78,576)
Accumulated other comprehensive loss  --   (2)
     
Total stockholders' deficit  (77,409)  (63,901)
     
     
Total liabilities, redeemable convertible preferred stock and stockholders' deficit  $ 7,027  $ 12,625
 
CONTACT: Michael W. Rogers
         EVP & Chief Financial Officer
         (781) 890-1199

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