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Epigenomics Q1 Revenues Down 20 Percent

NEW YORK (GenomeWeb) – German molecular diagnostics firm Epigenomics today reported that its first quarter revenues decreased 20 percent year over year on lower R&D revenues offset by increases in product and license revenues.

The firm reported revenues of €295,000 ($330,273) versus revenues of €367,000 for the first quarter of 2015. The company said that its product revenues increased 10 percent to €186,000 from €169,000 in the prior-year period. Licensing income more than doubled to €103,000 from €41,000 while R&D income plummeted to €6,000 from €157,000 a year ago.

Epigenomics' net loss for the quarter widened to €4.3 million, or €.23 per share, compared to €3.2 million, or €.20 per share, for Q1 2015, partially due to an increase in the number of shares.

The firm's R&D spending fell 4 percent to €2.1 million from €2.2 million, attributable to the absence of study-related costs, while its SG&A costs jumped 145 percent to €3.1 million from €1.3 million, attributable to phantom stock programs.

In a statement accompanying the release of results, the firm noted it signed a deal with BioChain to develop a blood-based cancer test in China.

Last month, the US Food and Drug Administration approved the firm's Epi proColon colorectal screening test.

"The FDA approval of our lead product Epi proColon is a vital milestone and a pay-off for our work over the past years," Epigenomics CEO Thomas Taapken said. "It is also a strong validation of our proprietary technology of cancer detection via biomarkers in blood, so-called liquid biopsy, which we are utilizing to develop other test for various cancer types." He added that securing reimbursement for the test will be a key challenge going forward and that the firm will soon launch a post-approval study to demonstrate the long-term benefits of Epi proColon.

Epigenomics finished the quarter with €7.4 million in cash and cash equivalents.