Trovagene Bolstered by Public Offering, Accelerates Efforts for Urine-Based Cancer Test

PRLog (Press Release) - Jun. 6, 2012 - San Diego – Powered by its recently-completed public offering, Trovagene, Inc., (Nasdaq:TROV) a developer of trans-renal molecular diagnostics, is swiftly moving forward with the development of diagnostic tests for the detection of cancer and infectious disease in urine.

Initial test offerings will include a K-RAS mutation test and a urine-based HPV test for entirely non-invasive screening, the company said.

Trovagene scientists are working with patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine.

The gross proceeds from the recent PO that closed Monday (June 4) are estimated to be $9.2 million prior to expenses, according to the company.

“Trovagene intends to use the net proceeds from this offering to fund its research purposes and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated,” said CEO Antonius Schuh, Ph.D.

Trovagene also announced its common stock is now trading on the NASDAQ Capital Market under the symbol “TROV,” and as a result, it has ceased trading on the OTC QB.

Trovagene has recently announced these significant developments:

Successful completion of analytical development of digital PCR assays for the detection of K-RAS mutations, that scientists say are observed in more than 90% of pancreatic cancers and in 23% of all solid tumors. Trovagene is planning to validate the performance of these assays for the detection of K-RAS mutations in urine of pancreatic cancer patients. Schuh said the detection of oncogene mutations from urine could eventually lead to a comprehensive platform for monitoring minimal residual disease and progression of disease in oncology, and also for the early detection of cancer.

Initiation of development of a diagnostic test to determine the presence of high risk Human Papilloma Virus (HPV) subtypes from urine specimens. A U.S. patent application for the test is pending. The company said such a test would be particularly useful in determining carrier status in males.

Receipt of notice of issuance of European Patent for detection of pathogenic infections entitaled “Methods for Detection of Nucleic Acid Sequences in Urine."

The company also has applications and issued patents covering transplantation, prenatal and genetic testing, worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myeloid leukemia (AML) and mutations in the SF3B1 gene, which have been shown to be associated with chemotherapy response in CLL, (chronic lymphocytic leukemia) patients.

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