NEW YORK (GenomeWeb News) — Epigenomics last week said first-quarter revenue increased 75 percent as R&D spending rose 31 percent and net loss decreased 15 percent.
Total receipts for the three months ended March 31, 2007, increased to €820,000 ($1.12 million) from €470,000 ($640,000) year over year.
Epigenomics said the revenue in part came from a collaboration with Roche Diagnostics, which officially ended on March 14, from several ongoing biomarker collaborations, and from a partnership with Centocor.
R&D spending increased to €2.5 million from €1.9 million year over year.
The company said its net loss was €3.4 million, compared with €4 million in the year-ago period.
Epigenomics said it had around €13.7 million in liquid assets as of March 31.
CEO Geert Nygaard said in a statement that Epigenomics’ blood-based colorectal cancer screening test and an improved assay procedure for detecting cancers will be the key drivers for future revenues, and that developing those programs will be the company’s main priority in 2007.
The company said it expects revenue of around €3.6 million for full year 2007.