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OncoMethylome's First-Half '08 Sales Rise 35 Percent

NEW YORK (GenomeWeb News) – OncoMethylome Sciences today reported that its first-half 2008 revenues rose 35 percent as a DNA-based colorectal cancer screening test based on the firm’s technology was launched in North America.
 
The Liege, Belgium-based firm brought in revenues of €1.5 million for the six-month period ended June 30, compared to revenues of €1.1 million for the first half of 2008.
 
At the end of the first half of the year, OncoMethylome partner LabCorp launched ColoSure, a stool-based DNA test based on the firm’s technology, as well as a prostate cancer test in North America. OncoMethylome said that they are first commercially available methylation-based cancer diagnostic tests in North America.
 
OncoMethylome CEO Herman Spolders said that the firm is evaluating its options for bringing its products to market in Europe.
 
The company’s net loss widened by 11 percent to €5.7 million, or €.48 per share, from €5.1 million, or €.48 per share, year over year.
 
Its R&D costs increased 12 percent to €5.8 million from €5.2 million, while its SG&A expenses increased 29 percent to €1.8 million from €1.4 million year over year.
 
OncoMethylome finished the first half of the year with €25.4 million.

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