Operating cash burn decreased by $1.5 million in the first quarter of 2013 to $4.2 million compared to the same period in 2012. At March 31, 2013, the Company had cash and cash equivalents totaling approximately $21.4 million and common shares outstanding of 27.6 million.
"In the first quarter we demonstrated the potential of our new commercial strategy to drive revenue growth and improve bottom line performance," said Eric Bouvier, President and Chief Executive Officer of BG Medicine. "Product sales increased compared with the same quarter a year ago, while we managed expenses tightly and continued to invest in activities that will drive sales sustainably over the long-term. We are encouraged by these results and believe they provide an early validation of the direction we are heading."
Recent Business Highlights
As previously announced in April 2013, Abbott announced the CE Marking for the ARCHITECT ® Galectin-3 assay and its availability in several European countries. Abbott is offering the ARCHITECT ® Galectin-3 assay through its ARCHITECT ® System. Earlier in 2013, bioMérieux announced the CE Marking for its VIDAS ® Gal-3 test and launched it in several European countries as well. bioMérieux is offering the VIDAS ® Gal-3 test through its VIDAS ® immunoassay platform.In May 2013, the Trenton Health Team (THT) announced that it has adopted the BGM Galectin-3 ® test throughout their organization to identify patients at near term risk of rehospitalization due to heart failure. THT is a community health improvement collaborative that serves Trenton, New Jersey and is developing one of the first CMS-approved accountable care organizations in the United States. In April 2013, the Company underwent a routine quality system inspection by the U.S. Food and Drug Administration (FDA). The inspection included, but was not limited to, review of manufacturing, design and training records. The FDA's inspection was successfully closed with no observations.