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Epigenomics' 2007 Revenues, Net Loss Decline

NEW YORK (GenomeWeb News) – Epigenomics today said that its 2007 revenues dropped 25.7 percent and its net loss fell 14.3 percent as the firm shifted its focus during the year to a strategy of non-exclusive licensing agreements intended to more rapidly commercialize molecular diagnostic products.
The Berlin, Germany-based firm reported full-year 2007 revenues of €2.6 million ($4.1 million), down from €3.5 million in 2006. Epigenomics said the decline was exclusively attributable to a terminated collaboration with Roche.
Over the past six months, Epigenomics has inked collaborations with Abbott Molecular and Quest Diagnostics for the development of molecular diagnostic tests for colorectal cancer.
The company posted a net loss of €13.2 million for 2007, compared to a net loss of €15.4 million the year before.
Epigenomics said its cost of sales tumbled 82 percent to €900,000 from €5 million as accounting for the firm’s diagnostic R&D partnerships were shifted to its R&D costs. As a result, Epigenomics’ R&D costs for 2007 rose 20.7 percent to €10.5 million from €8.7 million.
As of the end of 2007, Epigenomics had liquid assets including marketable securities of €10 million.
The firm recently raised €13.5 million from the sale of nearly 8.5 million shares of its common stock to private investors at a price of €1.60 per share.