BG Medicine Announces Fiscal 2012 First Quarter Results

WALTHAM, Mass., May 15, 2012 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (Nasdaq:BGMD - News) today announced its consolidated results of operations for the first quarter of fiscal year 2012 and provided a business update. The Company will host a conference call and webcast today, May 15, 2012, beginning at 8:00 a.m. Eastern Time (details follow below).

At March 31, 2012, the Company had consolidated cash and cash equivalents totaling approximately $28.5 million.

For the quarter ended March 31, 2012, the Company reported a consolidated net loss of $7.7 million compared to a consolidated net loss of $3.1 million for the quarter ended March 31, 2011.

Business Update

"Our accomplishments over the past several months have created strong momentum toward achieving our goals for the BGM Galectin-3 TM test, CardioSCORE, and the Company as a whole," said Eric Bouvier, president and CEO of BG Medicine. "First, in May 2012, we filed a 510(k) to extend the approved labeling indication for the BGM Galectin-3 test to include individuals in the general adult population who are at risk for developing heart failure based on elevated levels of galectin-3. Second, we obtained CE Mark in the European Union for the expanded indication for the BGM Galectin-3 test and we are working with our partners to begin commercialization. Third, results from a sub-study of the CORONA trial, demonstrating the ability to use galectin-3 levels to identify heart failure patients who might benefit from therapy with a common statin drug, Crestor(R) (rosuvastatin), were recently published online in the European Heart Journal. Finally, we recently announced that Mayo Medical Laboratories is now making galectin-3 testing available to their networks, further demonstration of the increasing interest and demand for the BGM Galectin-3 test.

"In February, we entered into a $15.0 million secured loan facility with General Electric and Comerica and drew down $10.0 million," continued Mr. Bouvier. "This financing provides us with additional capital to fund our commercialization activities for both Galectin-3 and CardioSCORE.

"In addition to these recent accomplishments, several upcoming milestones will impact the success of BG Medicine in 2012 and beyond," concluded Mr. Bouvier. "We are focused on the achievement of these milestones and on making both Galectin-3 and CardioSCORE medical and commercial successes."

Upcoming milestones include:

Financial Results

Product revenue for the quarter ended March 31, 2012 increased to $416,000 from $12,000 in the quarter ended March 31, 2011, reflecting increasing demand for the BGM Galectin-3 test. On a sequential quarterly basis, product revenue increased 36% to $416,000 from $307,000 in the quarter ended December 31, 2011. Service revenue decreased to $64,000 in the quarter ended March 31, 2012 from $843,000 in the corresponding period in 2011. In the quarter ended March 31, 2011, service revenue consisted primarily of $700,000 related to an agreement under the HRP initiative. On a sequential quarterly basis, service revenue decreased to $64,000 from $72,000 in the quarter ended December 31, 2011.