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OncoMethylome Sciences' 2008 Revenues Increase 15 Percent

NEW YORK (GenomeWeb News) – OncoMethylome Sciences today reported fiscal 2008 revenue growth of 15 percent and a 2 percent increase in its net loss year over year.

The Liege, Belgium-based firm brought in total revenues of €3 million ($3.9 million) for 2008, up from revenues of €2.6 million for 2007. OncoMethylome said the increase was due to new products and collbaorations with pharmaceutical companies.

Its net loss for the year was €10.2 million, or €.77 per share, compared to a net loss of €10 million, or €.85 per share, for 2007.

OncoMethylome is developing a pipeline of cancer tests and has agreements with several partners to identify methylation biomarkers for use in predicting patient response to therapy.

The firm finished the year with €30.6 million in cash and cash equivalents.

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