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Epigenomics Posts 6 Percent Q3 Revenues Increase, Eyes FDA Submission for Colorectal Cancer Test by Year End

NEW YORK (GenomeWeb News) – Epigenomics today reported a 6 percent increase year over year in third-quarter revenues.

The Berlin, Germany-based firm said that for the three months ended Sept. 30 revenues totaled €272,000 ($347,000), up from €257,000 a year ago as an increase in R&D service fees offset a decrease in licensing revenues.

Epigenomics' net loss narrowed to €3.7 million, or €.42 per share, compared to a net loss of €4.8 million, or €.55 per share, a year ago.

Epigenomics' SG&A costs in the quarter grew to €1.8 million from €1.4 million. The company attributed the 29 percent increase to the termination of the contract of former CEO Geert Nygaard in September.

Its R&D costs more than doubled in the third quarter to €2.3 million from €1.1 million a year ago, driven by the ongoing fecal immunochemical testing comparison test for its Epi proColon colorectal cancer test as well as activities related to its premarket submission to the US Food and Drug Administration for Epi proColon.

Acting CEO and CFO Thomas Taapken said in Epigenomics' nine-month report today that the results of the FIT comparison study "should become available soon," allowing the company to file the fourth and final module of its PMA submission before the end of the year.

Taapken said that the company sees "steady" adoption of its laboratory partners' version of the septin-9-based LDT in the US, and at this point "around 1,000 assays per week are being performed in total, already ahead of regulatory approval of our product. We expect these partners to become future customers of Epi proColon once we received regulatory clearance for this test and to be then able to expand our market significantly."

The firm's main goal remains raising funds "to further execute our plans before the end of the current year," he noted.

"So far, we took all necessary measures to ensure optimal utilization of the financial resources," said Taapken. "Recently announced organizational changes in the executive board and close monitoring of the company’s expenditures together with necessary organizational adjustments are targeted to significantly reduce the cost basis of the company going forward.

"In addition, Epigenomics will evaluate its options to raise capital in the markets using all means it has at its disposition, including issuance of shares and convertible bonds," Taapken said.

Epigenomics finished the third quarter with €5.7 million in cash and cash equivalents.

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