Precision Therapeutics is a life sciences company developing and commercializing tests intended to assist physicians in individualizing cancer therapy in an effort to improve treatment outcomes unde the name ChemoFx test. ChemoFx is a chemoresponse test, a type of test that uses a patient’s live tumor cells to assess his or her likelihood of responding to various cancer drugs, or drug combinations, that the patient’s physician is considering for treatment. ChemoFx measures both the responsiveness, or sensitivity, of tumor cells to particular drugs, as well as their resistance.
Currently, its sales and marketing efforts target the gynecologic cancer market and it intends to leverage ChemoFx for additional indications such as breast, lung and colorectal cancers. ChemoFx has a list price of $450 per drug or drug combination tested, and the average invoiced price is approximately $3,300 per test billed, although average net revenue per test billed is less than an average invoiced price because many payors currently do not provide coverage or reimburse for ChemoFx.
Its net revenues for the first 6-months of the year are $926,000.00 and it has posted an operating loss of $5.805 million. Its previous revenues look spotty because of prior versions of ChemoFX sales, but its fiscal 2005 results were $1.92 million in revenues and operating losses of $4.756 million; 2006 results were $846 million in revenues and a $9.338 million operating loss.
Jon C. Ogg
August 24, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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