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Epigenomics' Q2 Revenues Dwindle 17 Percent, R&D Rises in Dx Push

NEW YORK (GenomeWeb News) — Epigenomics today said second-quarter revenue fell 17 percent as R&D spending rose 17 percent and net loss decreased 21 percent.
Total receipts for the three months ended June 30 fell to €524,000 ($718,000) from €628,000 year over year.
The company said €511,000 of its €1.3 million total half-year revenue came from residuals from a collaboration with Roche Diagnostics, which officially ended in March.
R&D spending increased to €2.8 million from €2.4 million year over year.
Net loss was €3.4 million, compared with €4.3 million in the year-ago period.
Epigenomics said it had around €16.6 million in liquid assets as of June 30.
The company said it expects full-year 2007 revenue to be “similar” to the €3.5 million it posted in 2006.
Epigenomics’ CEO Geert Nygaard said the company made “significant progress” in the second quarter toward the commercialization of its cancer molecular diagnostic tests.
The company said it has “completed preparations” to raise equity capital over the next 12 months. “The exact timing will depend upon Epigenomics' progress in executing the strategy and delivering on its plans, in particular the structuring of an IVD deal, as well as prevailing market conditions,” the firm said.

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