Response Genetics Inc. (Nasdaq: RGDX) saw its shares bolt 21.7% higher Thursday to $2.30, on higher first-quarter financial results. Volume for the stock reached 17,703 shares, or nearly six times its full-day average.
The Los Angeles-based company, focused on the development and sale of molecular diagnostic tests for cancer, reported total revenue increased by 60% to $5.9 million for the first quarter ended March 31, 2011, compared to $3.7 million for the same period last year.
Response Genetics’ net loss for the first quarter was $0.3 million, or $0.01 per share, compared with a net loss of $2.1 million, or a loss of $0.13 per share, for the same period last year.
Kathleen Danenberg, Response Genetics CEO, commented, ”We continue to manage the business with operational discipline and ended the first quarter seeing a marked increase in traction for our recently implemented pathology initiative.”
Danenberg continued, “We believe that the pathology initiative, including digital capabilities to integrate pathologists into the ResponseDX™ testing process, increased test offerings to physicians and additional sales representatives will be strong revenue drivers for 2011 as we approach profitability.”
Response Genetics’ technologies enable extraction and analysis of genetic information from genes derived from tumor samples stored as formalin-fixed and paraffin-embedded specimens.