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Response Genetics, Inc. Reports Second Quarter Financial Results And Operational Update

Response Genetics’ net loss for the second quarter ended June 30, 2011 was $87,344, or a loss of $0.00 per share, compared with a net loss of $425,038, or a loss of $0.02 per share, for the same period last year.

Six Months Ended June 30, 2011

Total revenue increased by 35.2 percent to $12.6 million for the six months ended June 30, 2011, compared to $9.3 million for the same period last year. Revenue from our ResponseDX™ genetic tests increased by 16.3 percent to $6.0 million for the six months, compared to $5.2 million for the same period in 2010. Our pharmaceutical client revenue increased 59.3 percent to $6.5 million, compared to $4.1 million in the six months of 2010.

Cost of revenue for the six months ended June 30, 2011 was $5.5 million, compared with $4.7 million for the same period in 2010. Research and development expenses were $0.4 million for the six months of 2011, compared with $1.0 million for the same period in the prior year. General and administrative expenses were $4.2 million for the six months of 2011, compared with $3.5 million for the same period in 2010. Selling and marketing expenses were $2.9 million for the six months ended June 30, 2011, compared with $2.8 million for the same period in 2010. Total operating expenses for the six months of 2011 were $13.0 million, compared with $11.9 million for the same period last year. The primary reasons for the increase in total operating expenses were costs related to sales force, personnel and consulting, bad debt expense and personnel recruiting fees. Stock compensation expense was $0.5 million for the six months ended June 30, 2011, compared to $0.2 million for the same period in 2010.

Response Genetics’ net loss for the six months ended June 30, 2011 was $0.3 million or a loss of $0.02 per share, compared with a net loss of $2.5 million, or a loss of $0.15 per share, for the same period last year.

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