Focusing Investments on Increasing U.S. and EU Galectin-3 Adoption
2013 Financial and Operational Guidance Provided
WALTHAM, Mass., Aug. 8, 2013 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD), a commercial stage company that is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders, today reported second quarter product revenues of $1.0 million, a 72% increase from product revenues reported in the second quarter of 2012, and a net loss of $4.8 million, a 25% reduction from the net loss reported in the second quarter of 2012."These results reflect the early impact of our efforts to rigorously control our operations and our finances," said Dr. Paul Sohmer, President and CEO of BG Medicine. "We have made progress, but, this is only a start." The $0.4 million growth in product revenues primarily reflects domestic sales of the BGM Galectin-3 ® test, the Company's FDA cleared assay for assessment of prognosis in patients who suffer from chronic heart failure. The $1.6 million decrease in net loss resulted primarily from reduced spending on research and development and selling and marketing activities. Basic and diluted net loss per share attributable to common shareholders was $0.18 in the second quarter of 2013, compared with basic and diluted net loss per share of $0.32 for the same period of 2012. Operating cash burn decreased by $2.2 million in the first six months of 2013 to $8.8 million compared to the same period in 2012. At June 30, 2013, the Company had cash and cash equivalents totaling approximately $16.2 million and common shares outstanding of 27.9 million. Focus on Adoption and Commercialization of Galectin-3 Testing During the second quarter, the Company achieved two noteworthy milestones in the U.S. First, the Trenton Health Team, a community health improvement collaborative located in Trenton, New Jersey, adopted galectin-3 testing for identification of chronic heart failure patients who are at risk for re-hospitalization. Second, galectin-3 testing was recognized for its ability to predict adverse outcome, including hospitalization, in the American College of Cardiology Foundation and American Heart Association (ACCF/AHA) Guideline for the Management of Heart Failure (2013 Edition).