NEW YORK (GenomeWeb) — Cancer Genetics today reported a 7 percent increase in its second quarter revenues driven by its biopharma and discovery services units.
For the three-month period ended June 30, CGI’s revenues rose to $7.0 million from $6.6 million in the same quarter last year.
Clinical services revenues in the quarter fell more than 30 percent to $2.1 million from $3.1 million. However, this decline was offset by a 9 percent increase in biopharma services revenues to $3.6 million from $3.3 million, and a 334 percent jump in discovery services revenues to $1.3 million from $300,000.
CGI’s net loss in the second quarter grew to $3.6 million, or $.13 per share, from $2.8 million, or $.16 per share, in the year-ago quarter.
Its R&D spending fell 32 percent to $673,000 from $989,000 year-over-year, while its SG&A costs increased 43 percent to $6.7 million from $4.7 million, in part due to expenses related to the firm’s ongoing restructuring and professional fees tied to a $2.5 million convertible note financing in July.
At the end of the second quarter, CGI had cash and cash equivalents totaling $1.6 million.
“We are making good progress in consolidating the operations of our West