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Epigenomics' Nine-Month Revenues Drop Sharply

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Epigenomics today reported that its nine-month revenues declined 58 percent from the comparable period in 2009.

The Berlin, Germany-based molecular diagnostics developer reported total revenues of €1.3 million ($1.8 million) for the first nine months of 2010, a sharp drop from €3.2 million for the first nine months of 2009. The firm said that the 2009 period included non-recurring payments from R&D and licensing partnerships.

Epigenomics' net loss was €8.4 million compared to €7.1 million from the previous year.

"Our dual track commercial strategy is developing well with new partners and distributors on board giving us access to new markets and countries with our test and technology," Epigenomics CEO Geert Nygaard said in a statement.

The firm is selling its Epi proColon kits directly in Germany and Switzerland and inked a non-exclusive marketing deal for Canada with Warnex. It also has licensed rights to the Septin9 biomarker, on which the colorectal cancer test is based, to Quest Diagnostics and ARUP Laboratories in the US and to Abbott in the European Union and the Asia-Pacific region.

"Sales growth is taking longer than expected due to slower initial uptake of our test and this is likely going to continue at a gradual pace during 2011," said Nygaard. "However, we are taking proactive steps to reach out to the medical profession about the benefits of the test to patients."

Epigenomics said that it had liquid assets of €29.6 million as of Sept. 30.

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