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Epigenomics Q1 Revenues Drop 10 Percent

NEW YORK (GenomeWeb) – Epigenomics today reported that its first quarter revenues dropped 10 percent year over year on lower product revenues.

The German molecular diagnostics firm reported revenues of €367,000 ($412,920) versus revenues of €407,000 for the first quarter of 2015. The company said that its product revenues declined 21 percent year over year to €169,000, but added in a statement that it has received initial product orders from China, which it believes will lead to higher revenue in the second half of the year.

Epigenomics posted a net loss of €3.2 million, or €.20 per share, for the quarter, up from a loss of €2.2 million, or €.17 per share, for Q1 2014.

Its R&D spending jumped 69 percent to €2.2 million from €1.3 million, while its SG&A costs increased 30 percent to €1.3 million from €1 million.

"Our activities in the first quarter 2015 very much focused on completion of the ADMIT trial (ADherence to Minimally Invasive Testing - NCT02251782) requested by the US Food and Drug Administration as part of our pre-market approval application for Epi proColon," Epigenomics CEO and CFO Thomas Taapken said. "With an adherence rate of nearly 100 percent to colorectal cancer screening using Epi proColon, we remain convinced that the study results will support our PMA application and plan to submit the data to the FDA over the next few weeks."

Last June, the FDA said that Epi proColon, which uses real-time PCR to detect methylated Septin9, was not approvable. The firm then launched the ADMIT trial to demonstrate that the test will increase the participation of patients in colorectal cancer screening when offered the test compared to those offered fecal immunochemical testing.

Taapken added that the firm is starting to shift its R&D efforts toward future products including a blood-based lung cancer test.

Epigenomics finished the quarter with €5.5 million in cash and cash equivalents and €952,000 in marketable securities.