WALTHAM, Mass., Nov. 17, 2015 (GLOBE NEWSWIRE) -- BG Medicine, Inc. (OTCQB:BGMD), the developer of the BGM Galectin-3® Test, today reported financial results for the three and nine months ended September 30, 2015.

'Our operating results in the third quarter of 2015 reflect our ongoing efforts to extend our cash runway through the prudent and disciplined management of our resources,' said Paul R. Sohmer, M.D., President and CEO of BG Medicine (the 'Company'). 'The commercialization of automated testing for galectin-3 in the U.S. was initiated in the third quarter. As a result, we continue to expect that product fees generated through the initial sales of automated tests for galectin-3 in the U.S. and payable to the Company by Abbott will be reported next quarter.'

Third Quarter 2015 Results

The Company reported net loss for the third quarter of 2015 of $1.0 million, a 57% improvement from the $2.4 million net loss reported in the third quarter of 2014, on total revenues of $334 thousand in the third quarter of 2015 versus total revenues of $695 thousand in the third quarter of 2014. The decrease in revenues resulted from a decline in orders from our largest clinical laboratory customer who emerged from bankruptcy in the fourth quarter of 2015. Operating expenses for the second quarter of 2014 declined by 53% from the prior year quarter. Net loss per share attributable to common shareholders in the third quarter of 2015 was $0.27 as compared to $0.28 in 2014.

'We continue to focus on ensuring that we have adequate resources to provide support to the development, market introduction and market expansion of automated testing for galectin-3 by our automated partners,' said Dr. Sohmer. 'During the nine months of 2015, we raised additional capital and continued to significantly reduce our operating expenses and cash burn.'

Results for Nine Months Ended September 30, 2015

For the nine months ended September 30, 2015, the Company reported net loss of $4.4 million, a 35% improvement from the $6.7 million net loss reported for the nine months ended September 30, 2014, on total revenues of $1.3 million versus total revenues of $2.2 million in the first nine months of 2014. Operating expenses for the nine months ended September 30, 2015 declined by 40% from the same time period in 2014. Net loss per share attributable to common shareholders for the first nine months of 2015 was $0.66 as compared to $0.84 in the first nine months of 2014. Operating cash burn declined by $4.5 million, a 63% decrease, to $2.6 million compared to $7.1 million in 2014.

Business Update Conference Call and Web Cast

The Company will host a business update conference call and webcast on Tuesday, November 17, 2015, beginning at 8:30 am Eastern Time. The conference call may be accessed by dialing (877) 845-1016 from the U.S. and Canada, or (708) 290-1155 from international locations. The conference call will also be available via the Internet at www.bg-medicine.com. Listeners are encouraged to login at least 15 minutes prior to the start of the scheduled presentation to register, download and install any necessary audio software.

About BG Medicine
BG Medicine, Inc. (OTCQB:BGMD), the developer of the BGM Galectin-3® Test, is focused on the development and delivery of diagnostic solutions to aid in the clinical management of heart failure and related disorders. For additional information about BG Medicine, heart failure and galectin-3 testing, please visit www.bg-medicine.com. The BG Medicine Inc. logo is available for download here

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