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Flat Q1 Revenues Reported by Epigenomics

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – German molecular diagnostics company Epigenomics today announced flat revenues for the first quarter year over year while its net loss rose 12 percent.

For the three months ended March 31, Epigenomics said that revenues stayed at €621,000 ($888,300), with product sales and commercial R&D activities generating €166,000 and licensing deals generating €455,000.

The firm's R&D costs for the quarter slid 15 percent to €1.6 million from €1.9 million a year ago, while SG&A costs rose 23 percent to €1.6 million from €1.3 million a year ago, as the company prepared to enter the US market.

Epigenomics met with the US Food and Drug Administration in February to discuss its Epi proColon 2.0 test for colorectal cancer, its intended use, and the clinical data needed as part of a submission to the agency. "After this meeting, we still assume to be able to submit an application by the end of the year," the company said.

Epigenomics' net loss for the first quarter was €2.9 million, or € .09 per share, up 12 percent from €2.6 million, or €.07 a share, a year ago.

Epigenomics said that it had cash and cash equivalents of €21.5 million at the end of the quarter.

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