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Epigenomics' Q1 Revenues Increase 12 Percent as It Cuts Net Loss

NEW YORK (GenomeWeb News) – Epigenomics said today that its revenues increased 12 percent and its net loss decreased by the same amount for the first quarter ended March 31.
 
The Berlin-based molecular diagnostics firm reported revenues of €916,000 ($1.4 million), compared to revenues of €820,000 in the first quarter of 2007. Epigenomics said licensing deals brought in €620,000 of the revenue, while its diagnostics business contributed €106,000 and its biomarker solutions business brought in €190,000.
 
The firm’s net loss for the first quarter was €2.9 million versus a net loss of €3.3 million a year earlier.
 
Its R&D costs dipped slightly to €2.4 million from €2.5 million year over year. It said that its marketing and business development costs decreased 52.5 percent to €225,000, and its general and administrative expenses dropped 16 percent to €917,000 from €1.1 million.
 
Epigenomics finished the quarter with liquid assets of €21.2 million.