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Epigenomics Posts Flat Q3 Sales as It Awaits FDA OK for Test

NEW YORK (GenomeWeb News) – Epigenomics today reported flat third quarter revenues year over year as the firm awaits US Food and Drug Administration clearance for its flagship Epi proColon colorectal cancer screening test.

The Berlin-based molecular diagnostics firm reported revenues of €263,000 ($356,000) for the quarter ended Sept. 30, compared to €272,000 for the third quarter of 2012. In a report to investors, the firm said that a decrease in licensing revenue was offset by a more than 23 percent increase in product revenue year over year to €110,000.

Epigenomics cut its net loss nearly in half to €1.9 million from €3.7 million as it trimmed its R&D and SG&A spending. The firm's R&D spending dropped to €1.1 million from €2.3 million, and its SG&A costs fell to €1.1 million from €1.8 million. The declines were due to a clinical trial ending during the fourth quarter of last year and the firm's reduction in headcount to 34 as of the end of Q3 2013 from 45 at the end of Q3 2012.

Its net loss per share was €.16 versus €.42 for Q3 2012.

"In the past weeks we have achieved significant progress as evidenced by two strategically important collaborations we entered into with Polymedco and BioChain and by securing a €5.2 million financing for the future development of our company," Epigenomics CEO and CFO Thomas Taapken said in a statement.

Early in October Epigenomics inked a deal with Polymedco to jointly commercialize Epi proColon in North America. And last week, Epigenomics said that it had licensed exclusive rights to BioChain to develop and commercialize Septin9 in vitro diagnostic tests for colorectal cancer screening in the Chinese market, with Epigenomics receiving upfront and minimum annual payments in return.

Taapken added that the firm remains confident it will receive FDA approval for Epi proColon in the "foreseeable future."

Epigenomics finished the quarter with €1.9 million in cash and cash equivalents.

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