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OncoMethylome Sciences' Q1 Revenues Decline; Cuts Loss

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – OncoMethylome Sciences this week reported that its first-quarter revenues fell 8 percent on lower grant revenues, but the firm still managed to cut its net loss for the quarter.

The Liege, Belgium-based molecular diagnostics developer had total revenues of €634,000 ($802,400) for the three-month period ended March 31, compared to €688,000 for the first quarter of 2009. Though it didn't break out its revenue sources, the firm said that a reduction in grant revenue was offset by an increase in commercial revenues.

OncoMethylome's net loss for the quarter was €2.4 million versus €2.9 million for Q1 2009.

The company said that as of the end of 2009 it has focused its development efforts on its diagnostic programs in colorectal, bladder, and prostate cancers, as well as pharmacogenomics.

OncoMethylome finished the quarter with €16.1 million in cash and cash equivalents.

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