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Epigenomics' Q2 Revenues Rise Sharply; FDA Decision on Colorectal Cancer Dx Anticipated in H2

NEW YORK (GenomeWeb News) – Epigenomics today said that revenues in its second quarter increased 120 percent.

The German molecular diagnostic firm reported revenues of €343,000 ($457,000) for the three months ended June 30, up from €157,000 a year ago. Products sales more than doubled to €164,000 from €73,000 in the year-ago period, while licensing income retreated to €59,000 from €83,000.

The firm took in €120,000 in R&D income, compared to none a year ago.

Epigenomics lowered its net loss for the second quarter to €1.6 million, or €.14 per share, from a net loss of €5.7 million, or €.65 per share, a year ago.

It cuts its R&D spending 52 percent to €1.0 million from €2.1 million and its SG&A costs 40 percent to €912,000 from €1.5 million.

As of June 30, Epigenomics had €3.0 million in cash and cash equivalents, it said.

The company is in the process of trying to gain approval from the US Food and Drug Administration for its Epi proColon blood-based colorectal cancer test. In a statement, Thomas Taapken, CEO and CFO of Epigenomics, said that the agency has conducted a series of facility inspections, and Epigenomics is currently in dialogue with FDA while "awaiting additional feedback on the review process and news regarding the expected advisory board panel meeting date in the near future. We remain confident and anticipate the approval decision regarding our lead product within the second half of this year."

Epigenomics said that net loss for full-year 2013 is expected to be between €6.5 million and €7.5 million, while net loss per share is anticipated in the range of €.54 and €.64. Cash consumption is estimated at €7.0 million.

It said that its funds are currently expected to last through early 2014 and the company is "intensely evaluating" all financing options available.

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