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Response Genetics, Inc. Announces Year-End And Fourth Quarter Financial Results

Response Genetics Inc. (Nasdaq: RGDX), a company focused on the development and sale of molecular diagnostic tests for cancer, today announced its consolidated financial results and business progress for the full year and fourth quarter ended December 31, 2011.

Total revenue for the year ended December 31, 2011 increased to $22.6 million, compared to $21.3 million for the year ended December 31, 2010, an increase of 6.4 percent. The increase was due primarily to an increase in ResponseDX ® revenues which increased 11 percent to $12.5 million for the year ended December 31, 2011, compared to $11.3 million for the year ended December 31, 2010. The Company’s pharmaceutical client revenue increased to $10.1 million for the year ended December 31, 2011, compared to $10.0 million for the year ended December 31, 2010.

The Company’s net loss for the year ended December 31, 2011 was $5.7 million or a loss of $0.30 per share, compared with a net loss of $4.7 million, or a loss of $0.26 per share, for the year ended December 31, 2010.

Total revenue for the fourth quarter ended December 31, 2011 was $4.9 million, compared to $6.4 million for the same period in 2010. The decrease was primarily due to a decrease in pharmaceutical client revenue, with the majority of the decrease due to the near completion of the clinical trials conducted on behalf of GlaxoSmithKline. Revenue from ResponseDX ® genetic tests was approximately $3.1 million for the fourth quarter ended December 31, 2011, a slight increase over the comparable period in 2010 while pharmaceutical client revenue was approximately $1.8 million.

The Company’s net loss for the fourth quarter ended December 31, 2011 was $3.9 million, or a loss of $0.21 per share, compared to a net loss of $1.1 million, or a loss of $0.06 per share, for the same period last year.

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