WALTHAM, Mass., Nov. 13, 2012 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (BGMD) today reported financial results for the third quarter ended September 30, 2012 and provided a business update.

Total revenue increased to $0.6 million in the third quarter of 2012 compared to $0.2 million in the same period in 2011. Product revenue from the BGM Galectin-3(R) test was $0.6 million in the third quarter of 2012, compared to $0.1 million in the same period in 2011.

Operating expenses for the third quarter of 2012 increased by $2.1 million to $7.2 million compared to 2011. This increase was driven by an increase in research and development investment of $0.6 million related primarily to the CardioSCORE(TM) test program and by an increase in sales and marketing expense of $0.9 million to support commercialization of the BGM Galectin-3 test. General and administrative expenses increased $0.4 million primarily due to personnel related costs and public company related expenses.

Net loss for the quarter was $6.8 million compared with a loss of $4.9 million in the third quarter of 2011.

Basic and diluted net loss per share attributable to common shareholders was $(0.34) in the third quarter of 2012, compared with basic and diluted net income per share of $(0.25) for the same period of 2011.

At September 30, 2012, the Company had cash and cash equivalents totaling approximately $18.1 million compared to $24.4 million at December 31, 2011.

"Over the past quarter, we continued to make important progress with the BGM Galectin-3 test by augmenting U.S. sales and marketing efforts and expanding into other markets," said Eric Bouvier, president and chief executive officer of BG Medicine. "With our new corporate strategy and structure in place, we look forward to maximizing control over the commercial execution of the BGM Galectin-3 and CardioSCORE tests, which we believe will assist us to become a leader in delivering novel cardiovascular diagnostics that address significant unmet medical needs."

Financial Results for the Nine Months Ended September 30, 2012

Total revenue for the nine months ended September 30, 2012 was $1.7 million compared to $1.3 million in the same period in 2011. Product revenue from the BGM Galectin-3 test was $1.6 million in the nine months ended September 2012, compared to $0.1 million in the same period in 2011. Service revenue from collaborations decreased to $0.2 million in the nine months ended September 30, 2012 from $1.1 million in the corresponding period in 2011 as the Company focused its efforts on the commercialization of the BGM Galectin-3 test.

Operating expenses for the first nine months of 2012 were $21.9 million compared with operating expenses for the comparable period in 2011 of $14.0 million. This increase in operating expenses included higher research and development investments of $1.7 million primarily related to the BGM Galectin-3 and CardioSCORE test programs and an increase in sales and marketing expenses of $3.7 million related primarily to commercialization of the BGM Galectin-3 test in the U.S. and European markets. General and administrative expenses increased $2.2 million, mainly from personnel related costs and public company related expenses.

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BG Medicine Reports Third Quarter 2012 Financial Results and Provides Business Update