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Epigenomics' 2011 Revenues Fall 22 Percent

NEW YORK (GenomeWeb News) – Epigenomics today said that revenues for full-year 2011 dipped 22 percent year over year.

For 2011, the German molecular diagnostics company saw revenues of €1.4 million ($1.9 million) compared to €1.8 million a year ago, a drop-off that Epigenomics attributed to a decline in collaborative income. Sales of its Epi proColon tests were up 38 percent year over year in Europe, it said.

Cash consumption rose 16 percent year over year to €12.2 million from €10.3 million in 2010 due primarily to its restructuring announced during the summer.

Epigenomics' net loss for 2011 rose to €15.6 million, a 36 percent increase from €11.5 million in 2010, driven by charges connected with the restructuring effort and goodwill amortization, it said.

Epigenomics had €14.0 million in cash and cash equivalents at the end of 2011.

For 2012, the firm said that it expects its net loss to be in the range of €9.5 million and €11.0 million, with cash consumption expected to be in the same range.

Geert Nygaard, CEO of the company, called 2011 a "challenging year" for Epigenomics, but added that the firm made "significant progress" in transforming into a commercial, product-driven business.

He said Epigenomics was progressing in its submission of Epi proColon to the US Food and Drug Administration and has submitted two of four PMA modules. He added in a statement that "[t]he protocol for our Septin9 comparison study against [fecal immunochemical testing] is in place and we are eager to get it underway so that we can file our final PMA module before year end."

He added that its licensing partners had performed more than 26,000 Septin9 tests in 2011.

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