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Epigenomics Revenues Jump 66 Percent on Product Sales

NEW YORK (GenomeWeb) – Epigenomics today announced a 66 percent jump in third quarter revenues due to an increase in product sales, the firm said.

For the three months ended Sept. 30, the German molecular diagnostics firm reported revenues of €471,000 ($502,482) compared to €284,000 in Q3 2014.

"We are encouraged by the positive sales development of our blood-based cancer screening test Epi proColon, especially in China," Epigenomics CEO and CFO Thomas Taapken said in a statement."Going forward, steady improvements in the pricing and reimbursement environment in China will further support our partner BioChain's commercial efforts in this important market."

However, the firm said that on Nov. 4 it received a response letter from the US Food and Drug Administration related to the premarket approval of its Epi proColon test. The FDA requested additional data showing that the test will increase compliance to colorectal cancer screening in the intended use population.

The firm's net loss for the quarter was €2.4 million, compared to a net loss of €1.8 million in Q3 2014.  Net loss was flat on a per share basis at €.14, due to an increased number of shares outstanding, the firm said.

Epigenomics' R&D expenses increased 27 percent to €1.4 million from €1.1 million in the prior-year period, while its SG&A spending increased 21 percent to €1.5 million, up from €1.1 million in Q3 2014.

The firm ended the quarter with €9 million in cash and cash equivalents, and €759,000 in marketable securities.

Epigenomics revised its financial prognosis for 2015 as a result of the FDA response letter. It now projects full year revenues to be "significantly below" its previous guidance of between €3 million and €4 million, which was based on entering the US market. However, it said revenues for FY 2015 are expected to exceed the €1.5 million it reported for FY 2014.