Belgium's MDxHealth third-quarter revenues increase by 60 pct

BRUSSELS Wed Nov 6, 2013 2:00am EST

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BRUSSELS Nov 6 (Reuters) - Belgium-based cancer testing company MDxHealth said its revenues in the third quarter increased by more than 60 percent to 1.5 million euros ($2.02 million), as sales of its prostate cancer product ConfirmMDx rose sharply.

The group still made a net loss of 2.98 million euros in the period, as it ramped up its marketing activity in the United States and invested in new products.

At the end of September, MDxHealth had 21.05 million euros of cash available, burning through an average of just under 1 million a month.

MdxHealth said it expected more of its tests to be used and more insurance companies to reimburse them in the coming quarters. ($1 = 0.7421 euros) (Reporting by Robert-Jan Bartunek)

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