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BG Medicine Announces Fiscal 2012 Second Quarter Results

Stocks in this article: BGMD

Conference call and web cast

The Company will host a conference call and webcast today beginning at 8:30 am 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 September 9, 2012. The replay may be accessed by dialing (855) 859-2056 within the U.S. and Canada or (404) 537-3406 from international locations, passcode 16463217. The call will be archived and accessible on the Web site for approximately 30 days.

Listeners are encouraged to login at least 15 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software.

About BG Medicine

BG Medicine, Inc. (Nasdaq:BGMD) is a life sciences company focused on the discovery, development and commercialization of novel cardiovascular diagnostics to address significant unmet medical needs, improve patient outcomes and contain healthcare costs.  The Company's first commercialized product, the BGM Galectin-3 ® test for use in patients with heart failure, is available in the United States and Europe.  BG Medicine is also developing the CardioSCORE TM test, a blood test designed to identify individuals at high risk for near-term major cardiovascular events, such as heart attack and stroke. For additional information about BG Medicine, heart failure 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=10352 .

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: our progress toward our product development and business priorities; our progress in preparing for the launch of the automated versions of our galectin-3 test by our partners in 2012; our expectations regarding the timing of the launch of automated versions of our galectin-3 test in Europe; our expectations regarding our automated platform partners plans and timing for filing 510(k)'s for their automated versions of the galectin-3 test; our expectations for our business operations and outlook; our beliefs regarding the importance of our galectin-3 test to heart failure patients; our expectations regarding concluding distribution agreements for our galectin-3 test in markets other than the U.S. and Europe; our expectations regarding the final approval and pricing for the analyte-specific CPT code for our galectin-3 test; our expectations regarding the potential timing of our new 510(k) submission for the CardioSCORE test; and our expectations regarding future presentations of data from the BioImage study. 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 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; the timing, costs and other limitations involved in obtaining regulatory clearance or approval for any of our product candidates; our ability to successfully develop, receive regulatory clearance or approval, commercialize and achieve market acceptance for any of our products and product candidates; our reliance on third parties to develop or distribute our product candidates and products, 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; our estimates regarding anticipated operating losses, future revenue, expenses, capital requirements and our need for additional financing; and other factors discussed under the heading "Risk Factors" contained in Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and BG Medicine undertakes no duty to update this information unless required by law.

BG Medicine, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
         
  Three Months Ended June 30, Six Months Ended June 30,
  2012 2011 2012 2011
  (in thousands, except share and per share data)
  (unaudited)
         
Revenue:      
Product revenue  $ 566  $ 46  $ 982  $ 58
Service revenue  56  175  120  1,018
Total revenue  622  221  1,102  1,076
         
Costs and Operating Expenses:    
Cost of product revenue  196  13  343  17
Cost of service revenue  56  180  120  327
Research and development  2,133  2,361  5,113  4,074
Selling, general and administrative  4,324  2,508  9,113  4,495
Total costs and operating expenses  6,709  5,062  14,689  8,913
         
Loss from operations  (6,087)  (4,841)  (13,587)  (7,837)
         
Interest income  8  24  8  32
Interest expense  (324)  (16)  (477)  (107)
Other income (expense)  10  (3)  --   (55)
Net loss  (6,393)  (4,836)  (14,056)  (7,967)
 Accretion of redeemable convertible preferred stock   --   --   --   (118)
Net loss attributable to common stockholders  $ (6,393)  $ (4,836)  $ (14,056)  $ (8,085)
 Net loss attributable to common stockholders per share - basic and diluted  $ (0.32)  $ (0.25)  $ (0.70)  $ (0.52)
Weighted-average common shares outstanding used in computing per share amounts - basic and diluted  20,056,269  19,201,544  20,016,951  15,689,207
         
BG Medicine, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
     
   June 30, 2012  December 31, 2011
  (in thousands)
  (unaudited)
Assets  
Current assets  
Cash and cash equivalents  $ 22,815  $ 23,874
Restricted cash  505  565
Accounts receivable  198  115
Inventory  308  212
Prepaid expenses and other current assets  856  550
Total current assets  24,682  25,316
Property and equipment, net  280  301
Intangible assets, net  414  456
Deposits and other assets  138  37
Total assets  $ 25,514  $ 26,110
     
Liabilities and Stockholders' Equity
Current liabilities  
Term loan, current portion  $ 1,232  $ -- 
Accounts payable  1,021  487
Accrued expenses  4,823  3,348
Deferred revenue and customer deposits  1,215  1,368
Total current liabilities  8,291  5,203
     
Term loan, net of current portion  8,572  -- 
Warrant liability  25  15
Total liabilities  16,888  5,218
     
Stockholders' equity  
Common stock  20  20
Additional paid-in capital  135,982  134,192
Accumulated deficit  (127,376)  (113,320)
     
Total stockholders' equity  8,626  20,892
     
Total liabilities and stockholders' equity  $ 25,514  $ 26,110
CONTACT: Michael W. Rogers
         EVP & Chief Financial Officer
         (781) 890-1199

BG Medicine Inc. logo

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