The German molecular diagnostics firm recently completed a capital increase with subscription rights for existing shareholders, grossing €22.3 million.
The revenue growth was driven by strong sales of products including the company's Epi proColon blood-based colorectal cancer screening test.
The higher revenues were driven by a 38 percent increase in product sales, which include the company's Epi proColon blood-based colorectal cancer screening test.
The company attributed the decline in part to fewer orders for its Epi proColon colorectal cancer test.
The firm's blood-based Epi proLung lung cancer test looks for a combination of DNA methylation biomarkers.
The company will use the net proceeds to finance its current operations and expand its US commercialization capacities for its lead product, Epi proColon.
The drop off was attributed to unusually high revenues in Q2 2016 after a commercialization partner stocked up on Epigenomics' colon cancer test.
The change comes amid lower than expected revenues for the first half of this year, as well as an anticipated continued lack of reimbursement coverage in the US.
The company attributed the revenue decline to the conclusion of agreements with licensing partners for the sale of its products.
The revenue increase was driven by a 41 percent rise in product sales.
Consulting company McKinsey says diagnostics companies will have to combine genomic data analysis, electronic medical records, effective reimbursement strategies, and regulatory compliance in order to win.
A new report has found that researchers in Africa are still heavily dependent on funding from organizations in the US, Europe, and China, Nature News says.
An article in The Atlantic argues that the progress being made in science isn't keeping pace with the money and time being spent on research.
In Science this week: a CRISPR screen identifies sideroflexin 1 as a requisite component of one-carbon metabolism, and more.