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Epigenomics' Revenues Rise 20 Percent on Increased Product Sales

NEW YORK (GenomeWeb) – German molecular diagnostics firm Epigenomics today reported that its second quarter revenues increased 20 percent year over year on higher product revenues.

The firm reported revenues of €487,000 ($532,096) versus revenues of €405,000 for the second quarter of 2015. The company said that its product revenues increased 36 percent to €289,000 versus €212,000 in the prior-year period.

Epigenomics posted a net loss of €2.5 million, or €.15 per share, for the quarter, up from a loss of €1.8 million, or €.13 per share, for Q2 2014, due to an increase in the number of shares.

Epigenomics' R&D spending jumped 78 percent to €1.6 million from €900,000, attributable to costs related to protecting intellectual property and phantom stock programs, while its SG&A costs increased 20 percent to €1.2 million from €1 million, attributable to phantom stock programs, and legal and consulting costs.

In a statement accompanying the release of results, the firm said it has completed the ADMIT trial (ADherence to Minimally Invasive Testing) requested by the US Food and Drug Administration as part of its Epi proColon test approval application and has submitted and discussed the results with the agency.

"[W]e are convinced that the exciting results of the ADMIT trial, a nearly 100 percent adherence rate, will support the US approval," for the Epi proColon, Epigenomics CEO Thomas Taapken said in a statement, adding that he expected a decision within several months.

Taapken also noted that in April the firm received €2.8 million from the European Union to research biomarkers for a second product, the Epi proLung, for detection of lung cancer.

Epigenomics finished the quarter with €9.8 million in cash and cash equivalents.