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Epigenomics' Preliminary 2013 Revenues Improve 60 Percent

NEW YORK (GenomeWeb News) – Epigenomics today announced preliminary revenue growth of 60 percent for full-year 2013.

Revenues for 2013 increased to €1.6 million ($2.2 million) from €1.0 million in 2012 on a strategic collaboration with BioChain in China and increased R&D service fees, the firm said.

Epigenomics' net loss for the year shrank to €7.4 million, or €.62 per share, from a net loss of €12.2 million, or €1.38 per share, in 2012.

Its R&D costs were reduced 45 percent year over year to €4.4 million from €8.0 million, and its SG&A spending was cut 18 percent to €4.5 million from €5.5 million.

Epigenomics currently is awaiting a decision from the US Food and Drug Administration on its premarket approval submission for the company's Epi proColon blood-based colorectal cancer screening test and is scheduled to meet with an FDA panel next month.

In a statement, Epigenomics CEO and CFO Thomas Taapken said that work toward getting FDA approval "clearly determined our efforts over the past year. During 2013, we successfully established a framework of partnerships in order to commercialize the product following potential regulatory approval in the US and to develop new markets, for example, China. Lastly, we improved our financial position, after raising €12.5 million in 2013."

Epigenomics ended the year with €7.2 million in cash and cash equivalents. Including marketable securities, its total liquidity at the end of 2013 was €8.0 million, which should give the company "enough buffer time to be fully operational until the expected FDA approval for Epi proColon, probably in the second quarter of 2014, and possibly beyond," Epigenomics said.