NEW YORK (GenomeWeb News) – German molecular diagnostics firm Epigenomics today reported 65 percent revenue growth for fiscal year 2009, due to milestone payments from partners.
The Berlin-based firm brought in total revenues of €4.3 million ($5.9 million) compared to €2.6 million in 2008. It said the improvement was due primarily to milestone payments from Abbott and "revenue recognition of certain milestone payments and revenue recognized for certain aspects related to the PRESEPT study as well as to revenue recognition under the collaboration agreements with Philips and Sysmex and the licensing agreements with Quest, ARUP, OncoMethylome Sciences and Qiagen/DxS."
Epigenomics' net loss for the full year was €10.2 million, down 17 percent from €12.3 million for full-year 2008.
Its R&D spending decreased 27 percent to €7.3 million from €10 million, while its marketing and business development costs increased 39 percent to €1.2 million from €900,000, due to increased pre-marketing, sales, and technical support activities associated with the launch of its Epi proColon colorectal cancer blood test. The firm's general and administrative costs decreased slightly to €3.3 million from €3.4 million.
"The year 2009 marked the start of a new era for Epigenomics as an emerging player in molecular diagnostics," Geert Nygaard, CEO of Epigenomics, said in a statement. "The introduction of our first IVD product, the Epi proColon blood test for colorectal cancer early detection, was a transforming event for the company. With first products launched by us and our licensees in Europe, Asia/Pacific and the US by the end of 2009, the focus now is on demonstrating commercial success."