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Epigenomics' Q1 Revenues Drop 5 Percent

NEW YORK (GenomeWeb) – Epigenomics today reported a nearly 5 percent decline in first quarter revenues, primarily due to the conclusion of agreements with licensing partners for the sale of its products.

For the three-month period ended March 31, Epigenomics' total revenues slid to €281,000 ($305,353) from €295,000 the year before. The company said that the drop was due to the termination and expiry of undisclosed licensing agreements, including one related to the sale of its sample preparation kits. Licensing revenue in the quarter nearly doubled to €206,000 from €104,000, while product revenues climbed 53 percent to €75,000 from €49,000.

Epigenomics' net loss in the quarter fell 44 percent to €2.4 million, or €.10 per share, from €4.3 million, or €.23 per share, in the first quarter 2016.

Epigenomics' R&D spending in the quarter dropped to €1.1 million from €2.1 million, a nearly 48 percent decline that the firm attributed to the capitalization of development activities around its Epi proLung lung cancer assay in Q1 and significantly reduced share-based payment expenses for its staff. Its SG&A costs, meanwhile, fell roughly 39 percent to €1.9 million from €3.1 million.

At the end of the first quarter, Epigenomics had cash, cash equivalents, and marketable securities totaling €10.7 million.

Epigenomics confirmed its previous guidance that 2017 revenues are expected to be "broadly consistent" with last year's revenues of €4.2 million. The company also said that the previously announced takeover offer by Blitz F16-83, a subsidiary of Chinese private equity firm Cathay Fortune International, is still expected to begin this month.

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