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Epigenomics Nearly Quadruples Sales in Q3

NEW YORK (GenomeWeb News) – Epigenomics yesterday reported that its third-quarter revenues bolted up over 250 percent and its net loss declined around 10 percent year over year.

The German molecular diagnostics firm reported total revenues of €1.2 million (US$1.8 million) over the three-month period ended Sept. 30, up from €320,000 for the third quarter of 2008.

Epigenomics' net loss for the third quarter fell to €2.3 million from €2.5 million.

The company's R&D costs fell 24 percent to €1.7 million from €2.1 million, while its sales, general, marketing, business development, and administrative costs were roughly even at €1.1 million.

The firm said that it plans to continue focusing its R&D activities on its colorectal, lung, and prostate cancer diagnostic pipeline.

Epigenomics finished the quarter with €7.2 million in cash and cash equivalents and €2.4 million in marketable securities.

The firm expects full-year revenue to be higher than 2008, with much of the increase coming from existing collaborations, new partnerships, and license agreements, as it expects to reach milestones in some of its partnerships in the fourth quarter.

Company CFO Oliver Schacht said in a statement that by the end of the third quarter the firm already hit its revenue goals for the fiscal year, with “significant progress” coming from its licensing partnerships.

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