NEW YORK (GenomeWeb News) – Epigenomics today said that its full-year 2009 revenues increased 65 percent as the firm entered into its commercial phase through the launch of colorectal cancer tests.
The German molecular diagnostics firm reported full-year revenues of €4.3 million ($5.8 million), up 65 percent from €2.6 million for FY 2008.
Its loss before interest and tax was €10.2 million versus a loss of €12.8 million for 2008.
Epigenomics' R&D spending for the year fell to €7.3 million from €10 million, while its marketing and business development costs increased to €1.2 million from €900,000 — a result of its pre-marketing, sales, and technical support activities related to the launch of its Epi pro-colon colorectal cancer blood test.
"Delivering on our promises and meeting all our key development and commercialization milestones in 2009 and early 2010 such as the launches of Epi proColon, Abbott's Real Time mS9 Colorectal Cancer Assay, Quest's ColoVantage test service as well as the successful completion of our PRESEPT study have ideally positioned Epigenomics for the commercial phase in our corporate development," Epigenomics CEO Geert Nygaard said in a statement.
Epigenomics said that it finished the year with €6.1 million of total liquidity.
The firm also recently raised €33.1 million ($44.2 million) through a combined private and public share offering.
Epigenomics expects its 2010 revenues to be at least €5 million, with a loss of around €10 million.