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OncoMethylome's First-Half Revenues Fall 17 Percent

NEW YORK (GenomeWeb News) – OncoMethylome today reported that its first-half 2009 revenues fell 17 percent due to one-time up-front fees and milestone payments in 2008 that were not repeated in 2009.

The Liege, Belgium-based molecular diagnostics firm reported revenues of €1.3 million ($1.9 million) for the first six months of 2009, compared to revenues of €1.5 million for the first half of 2008.

Its net loss for the period was €6.3 million, or €.48 per share, versus a net loss of €5.7 million, or €.48 per share, for the first half of 2008.

OncoMethylome's R&D expenses declined to €5.6 million from €5.8 million year over year, while its SG&A spending increased to €2.1 million from €1.8 million.

"Most of the R&D efforts in H1 2009 were focused on enhancing the ease of use of the blood-based colorectal cancer screening test for commercial purposes and validating the test on ever-increasing clinical sample sets," Herman Spolders, CEO of OncoMethylome, said in a statement.

OncoMethylome had cash and cash equivalents of €23.7 million as of June 30.

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