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BG Medicine Announces Fiscal 2012 Second Quarter Results

Selling, general and administrative expenses for the quarter ended June 30, 2012 increased to $4.3 million from $2.5 million in the quarter ended June 30, 2011. Marketing expenses increased $701,000, primarily due to marketing activities, medical education programs and personnel-related costs associated with commercialization support for the BGM Galectin-3 test. General and administrative expenses increased $1.1 million primarily due to personnel-related costs and expenses related to being a public company.  On a sequential quarterly basis, selling, general and administrative expenses decreased to $4.3 million from $4.8 million in the quarter ended March 31, 2012.

Six months ended   June 30, 2012

Product revenue for the six months ended June 30, 2012 increased to $982,000 from $58,000 in the six months ended June 30, 2011, reflecting increasing demand for the BGM Galectin-3 test. Service revenue decreased to $120,000 in the six months ended June 30, 2012 from $1.0 million in the corresponding period in 2011. In the six months ended June 30, 2011, service revenue consisted primarily of $700,000 related to an agreement under the HRP initiative. 

Research and development expenses for the six months ended June 30, 2012 increased to $5.1 million from $4.1 million in the six months ended June 30, 2011. The increase in expense was due to activity associated with our internal biomarker discovery and development efforts, primarily related to the BGM Galectin-3 test and CardioSCORE test programs. 

Selling, general and administrative expenses for the six months ended June 30, 2012 increased to $9.1 million from $4.5 million in the quarter ended June 30, 2011. Marketing expenses increased $2.8 million, primarily due to marketing activities, medical education programs and personnel-related costs associated with commercialization support for the BGM Galectin-3 test in the U.S. and Europe.  General and administrative expenses increased $1.8 million, primarily due to personnel-related costs and expenses related to being a public company.  

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