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Epigenomics Q2 Revenues Up 159 Percent

NEW YORK (GenomeWeb) – German molecular diagnostics firm Epigenomics today reported that its second quarter revenues rose 159 percent year over year, thanks largely to growing sales of its Epi proColon blood-based colorectal cancer screening test.

The firm reported revenues of €1.3 million ($1.5 million), up from revenues of €487,000 for the second quarter of 2015. The company said that its product revenues increased 319 percent to €1.2 million from €289,000 in the prior-year period. Licensing income dipped to €7,000 from €12,000, while R&D income fell to €44,000 from €186,000 a year ago.

“In the second quarter, we received [US Food and Drug Administration] approval of the first ever blood-based colorectal cancer screening test, Epi proColon, and have achieved all of our launch goals to date,” Epigenomics CEO Greg Hamilton said in a statement. “Laboratory adoption and reimbursement coverage by private and public payers are in the center of our key initiatives…We are convinced that a convenient, blood-based test like Epi proColon significantly lowers the hurdles for participation in colorectal cancer screening.”

The company added that Laboratory Corporation of America was the first US lab network to offer the test to its customers. Epigenomics is also taking steps to secure reimbursement contracts for the test with private and public payors in the US, including receiving a Tier 1 CPT code from the Centers for Medicare and Medicaid Services. The firm said it expects a preliminary pricing determination in the third quarter, and has applied with CMS for a national coverage determination.

Further, in addition to receiving FDA approval for Epi proColon, the company said the United States Preventive Services Task Force has included the test in its new recommendations for colorectal cancer screening.

Epigenomics' net loss for the quarter widened to €3.3 million, or €.0.16 per share, from €2.5 million, or €.15 per share, for Q2 2015.

The firm's R&D spending dipped 25 percent to €1.2 million from €1.6 million, while its SG&A costs jumped 133 percent to €2.8 million from €1.2 million.

Epigenomics finished the quarter with €12.5 million in cash and cash equivalents. The firm also said that it raised €6.8 million in a private placement in May.

For FY2016, the company confirmed its previous revenue outlook for €3.0 million to €7.0 million, and added that it is exploring the possibility of becoming listed on the Nasdaq.