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Epigenomics' First-Half '09 Revenues Rise 37 Percent

NEW YORK (GenomeWeb News) – Epigenomics today reported that its first-half 2009 revenues increased 37 percent, due to income from licensing agreements, and its net loss fell 14 percent year over year.

The German molecular diagnostics developer said that it had first-half revenues of €2.1 million ($3 million), compared to first-half 2008 revenues of €1.5 million. The firm said that its revenue came from R&D payments, licensing fees, reimbursements, and product sales from its research-use-only kits.

"In the first half of 2009 we have made significant progress on moving towards becoming a commercial molecular diagnostics company," Epigenomics CEO Geert Nygaard said in a statement. "The mSEPT9 colorectal cancer blood test is now for the first time available to patients in Europe. Further, we obtained ISO 13485 certification for the development, manufacturing, and distribution of IVD products."

Epigenomics' net loss for the first half of the year was €4.8 million, or €.17 per share, down from a loss of €5.6 million, or €.22 per share, the year before.

The company's R&D spending fell to €3.4 million from €4.7 million, as it shifted some of its spending to commercial collaboration projects. As a result, its cost of sales for the first half grew to €1.5 million from €500,000.

Epigenomics said that as of the end of the first half it had liquid assets of €12.1 million.

The firm said that its strategic focus for the remainder of 2009 and 2010 will be on closing additional non-exclusive licensing deals for the mSEPT9 similar to its partnership with Sysmex, which it signed earlier this year. The Japanese firm intends to develop and sell in Japan a blood test for early detection of colorectal cancer based on Epigenomics' mSEPT9 biomarker.

Epigenomics expects its full-year 2009 revenues to exceed €3 million.

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