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Reduction in Share Capital, Reverse-Stock Split Approved by Epigenomics Shareholders

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Epigenomics said this week that its shareholders have approved a reduction of the firm's share capital and a five-for-one reverse-stock split.

Following a general shareholders meeting, during which the two proposals were approved by 99.8 percent of the present and represented voting rights, Epigenomics' share capital will be reduced to €8.8 million ($12.6 million) from €44.1 million ($63.3 million) to be distributed among 8,818,417 shares after the reverse-stock split is carried out.

The German molecular diagnostics firm had proposed the reduction in share capital and the reverse-stock split last month, saying that the difference of €35.3 million in share capital would be credited to the capital reserve, and "would serve in the full amount to offset depreciation and cover other losses."

When Epigenomics released its full-year 2010 earnings results in the spring, in which it reported a 58 percent decline in revenues, it said that within the second half of 2011 its accrued losses could surpass half of its share capital.

Last month, the firm said that first-quarter revenues were flat year over year.

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