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Epigenomics' FY 2010 Revenues Fall 58 Percent

By a GenomeWeb Staff Reporter

NEW YORK (GenomeWeb News) – Epigenomics today reported that its full-year 2010 revenues declined 58 percent, due to non-recurring revenue in 2009 tied to R&D support for partners.

The Berlin, Germany-based firm said that its 2010 revenues were €1.8 million ($2.6 million), down from €4.3 million in 2009.

Its net loss for the year climbed 13 percent to €11.5 million from €10.2 million. The firm also noted that its operating costs decreased 5 percent as it streamlined operations, and its cash consumption improved to €10.3 million from €11.3 million year over year.

Epigenomics said that it plans to submit a Pre-Market Approval application with the US Food and Drug Administration in the fourth quarter of this year for its Epi proColon 2.0 test, with a launch in Europe expected around the same time.

"Our main focus in 2011 will be on the strategically most important US market," Epigenomics CEO Geert Nygaard said in a statement. "We align our activities here closely with our partner Abbott. As we are progressing with the development of our second generation product for the US market, we have also made progress in building a commercial core team for the US and will announce a new head of our Seattle-based US operations shortly."

Epigenomics finished the year with €24.6 million in cash and cash equivalents.

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