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Epigenomics Raises $44.2M in Financing

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) - Epigenomics has raised approximately €33.1 million ($44.2 million) through a combined private and public share offering, which it will use for a variety of corporate purposes centered on expanding the market for its diagnostic tests and further developing tests in its product pipeline.

As reported this week by GenomeWeb Daily News sister publication PCR Insider, Berlin-based Epigenomics offered approximately 14.7 million new shares at a price of €2.25 to existing investors, and sold approximately 46 percent, or 6.8 million, of those shares.

The remaining 7.9 million unsubscribed new shares were then sold at the subscription price to retail investors as part of a public offering in Germany and Austria, as well as to selected institutional investors in Germany and abroad.

As part of the financing, existing investor Abingworth exercised its rights to purchase shares and increased its stake in Epigenomics to about 20 percent from 11 percent.

Epigenomics said that it plans to use the €33.1 million to finance current operations; build and strengthen marketing, sales, and distribution for its products; and support ongoing and new product development for in the areas of cancer screening, diagnosis, disease progression, and recurrence monitoring.

Epigenomics also said that it would use proceeds from the financing to fund R&D, clinical trials, regulatory approvals, and market introduction of various products; to further improve its DNA methylation technology; to support additional licensing agreements and patent filings; and for general corporate purposes.

A more comprehensive version of this article appears in this week's issue of PCR Insider.

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