NEW YORK (GenomeWeb) – Epigenomics today said it raised $5.3 million to finance current operations and to expand distribution of its Epi proColon colorectal cancer test.
The funds were raised through a subscription by clinical diagnostics firm BioChain Institute of about 1.35 million shares of Epigenomics stock. Epigenomics issued the new shares at €3.08 ($3.95) per share. After the capital increase is registered, expected on or about Nov. 21, Epigenomics' subscribed capital will increase to €14.9 million from €13.5 million currently, the company said.
"The secured funds are very important for Epigenomics to extend our cash reach for the execution of important final steps in the approval and commercialization for our lead product Epi proColon in the United States and China," Epigenomics CEO Thomas Taapken said in a statement.
Epigenomics is currently seeking US Food and Drug Administration approval for the Epi proColon test and said earlier this month it completed the design of a study to demonstrate that the test will increase patient participation in colorectal cancer screening. In June the FDA said the test was not approvable.
Epigenomics and BioChain have a relationship going back to at least early 2013 when BioChain licensed Epigenomics' methylated Septin9 biomarker. In October 2013 the firms announced a collaboration to bring the Septin9-based colorectal cancer screening technology to China. That was followed in April by BioChain saying that it had completed a clinical study validating Epi proColon in order to gain regulatory approval in China, and that it had submitted an application for the test with the Chinese Food and Drug Administration.