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Epigenomics' 2008 Revenues Flat Year over Year; Net Loss Declines

NEW YORK (GenomeWeb News) – German molecular diagnostics firm Epigenomics today reported fiscal-year 2008 revenues of €2.6 million (US$3.4 million), flat with revenues of €2.6 million for 2007.

The company's FY 2008 net loss dropped 7 percent to €12.3 million, or €.47 per share, from €13.2 million, or €.74 per share.

The firm noted that its R&D costs declined 5 percent to €10 million from €10.5 million year over year.

Epigenomics said that it and Abbott are in the final stages of development and clinical validation of the firm's mSEPT9 assay for colorectal cancer. The test is on track for a fourth-quarter 2009 launch in Europe followed by the filing for US approval that is planned for 2010, said Epigenomics.

The Berlin-based firm also has a partnership with clinical lab giant Quest Diagnostics to develop and launch a laboratory-developed test version of the mSEPT9 assay.

Epigenomics finished the year with €12.1 million in liquid assets.

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