SOUTH SAN FRANCISCO, Calif., Nov. 15, 2010
/PRNewswire-FirstCall/ — diaDexus, Inc. (OTC Bulletin Board:
DDXS), a diagnostics company focused on the development and
commercialization of patent-protected in vitro diagnostic
products addressing unmet needs in cardiovascular disease, today
announced financial results for the third quarter of 2010. Total
revenues for the 2010 third quarter at $3.2 million represented a
26% growth over total revenues of $2.5 million for the third
quarter of 2009. Net cash used in operating activities for the
third quarter of 2010 was $2.2 million.
Year-to-date revenues for the period ended September 30, 2010
were $8.5 million vs. $8.8 million in the same period a year ago, a
decrease primarily attributable to lower product sales due to a
related party’s reduced clinical trials testing. Revenues were also
impacted by the previously disclosed voluntary withdrawal of the
PLAC TIA Test in May 2010, one of the two formats of the PLAC Test.
Cash and short term investments at September 30, 2010 were $23.2
million compared to $4.8 million at December 31, 2009. The increase
is primarily a result of the reverse merger transaction with
VaxGen, Inc. completed July 28, 2010, from which diaDexus obtained
$23.4 million in cash and equivalents held by VaxGen, partially
offset by the repayment of debt and cash used in operating
activities.
Commenting on the financial results, Chief Executive Officer
Patrick Plewman stated, “We are pleased to report good growth
despite the lower related party sales and the voluntary withdrawal
of the PLAC TIA product. We believe we have addressed the root
cause of the PLAC TIA product performance issue, and a new 510(k)
for an enhanced PLAC TIA product was submitted to the FDA on June
30, 2010.” Mr. Plewman also commented, “The PLAC test provides
valuable information, over and above traditional risk factors, such
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