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Response Genetics Reports Second Quarter 2007 Financial Results
Date:8/19/2007

rter of the prior year. The increases in cost of revenue, research and development, and general and administrative expenses were primarily due to 1) stock option grants to employees at the time of the Company's initial public offering totaling $1.0 million, 2) Operating costs related to the set- up and continuing operation of the European laboratory totaling $570,000, and 3) costs associated with an hiring personnel to support the company's growth, costs involving the new testing services the Company is offering, maintaining the Company's patent position, and costs related the completion of the Company's IPO and costs associated with being a public company totaling $880,000. Total operating expenses for the second quarter of 2007 increased to $4.0 million, compared with $1.5 million for the same period last year.

Response Genetics' net loss for the second quarter of 2007 of $2.5 million, or $0.58 per share, compared with $746,962, or $0.36 per share, for the second quarter of 2006.

Financial Results for Six Months Ended June 30, 2007

Revenues for the first six months of 2007 increased to $3.1 million, compared with $2.0 million for the first six months of 2006. Cost of revenue for the first six months of 2007 was $2.0 million, compared with $978,130 reported for the first six months of 2006. General and administrative expenses for the first six months of the year were $3.2 million, compared to $1.6 million for the comparable period in 2006. Research and development expenses in the first half of 2007 totaled $1.2 million, compared to $595,702 for the comparable period in 2006. Total operating expenses for the first six months of 2007 were $6.4 million, versus $3.2 million for the comparable period in 2006. Response Genetics reported a net loss for the six months ended June 30, 2007 of $3.2 million, or $1.00 per share, versus a net loss for the comparable period in 2006 of $920,552, or $0.51 per share.

Cash and Cash Equivalents

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SOURCE Response Genetics, Inc.

Copyright©2007 PR Newswire.

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