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Epigenomics AG Announces First Half 2012 Financial Results and Reports Operational Highlights

08.08.2012

Berlin, Germany, and Seattle, WA, U.S.A., - Epigenomics AG (Frankfurt Prime Standard: ECX), the German-American cancer molecular diagnostics company, today announced its financial results for the first half and second quarter ending June 30, 2012.



Q2 / H1 2012 Financial Results

  • Revenue in Q2 2012 of EUR 156 thousand was significantly lower than the comparable number for the previous year (Q2 2011: EUR 364 thousand), as no R&D income was recognized, as well as product sales and licensing income lagged behind their comparables for the previous year.
  • SG&A costs decreased year-over-year from EUR 1.8 million in Q2 2011 to EUR 1.5 million in Q2 2012, primarily due to restructuring measures implemented in 2011 in the marketing and sales departments.
  • Net loss for Q2 2012 amounted to EUR 3.4 million (Q2 2011: EUR 3.0 million) and for H1 2012 to EUR 5.7 million (H1 2011: EUR 5.9 million).
  • Liquidity at the end of the period amounted to EUR 9.1 million (December 31, 2011: EUR 14.0 million).

Operational highlights

  • Licensing agreement for Septin9 with Companion Dx: In June 2012, Epigenomics announced the signature of an additional licensing agreement for its proprietary DNA methylation biomarker Septin9 with Companion Dx Reference Lab, Houston, TX, U.S.A. Under the terms of the agreement, Companion Dx obtained rights to establish and commercialize a blood-based LDT for the detection of colorectal cancer using methylated Septin9 as a biomarker. Epigenomics is entitled to double-digit royalties on test sales. With this licensing agreement, Epigenomics continues to execute on its U.S. commercialization strategy of creating market acceptance for Septin9 testing well ahead of the launch of a proprietary diagnostic product approved by the FDA. The growing uptake of the Septin9 assay through LDT licensees is encouraging. The agreement with Companion Dx complements the already existing LDT agreements with Quest Diagnostics, ARUP Laboratories and Gamma-Dynacare Medical Laboratories (formerly: Warnex Medical Laboratories) in North America. The availability of a specific CPT-code for Septin9 testing is a further essential prerequisite for obtaining reimbursement once the coding reform for laboratory diagnostics in the U.S. will enter into force at the beginning of 2013.

Outlook for 2012

  • Throughout 2012, Epigenomics will continue to entertain an active dialog with screening guideline inclusion groups, reimbursement authorities, and has begun the process of speaking with patient advocacy constituents, predominantly in the US. Simultaneously, the Company is extending its network in the medical expert community in order to gain support for its product by key opinion leaders in the field. Epigenomics has also started preparations for an FDA advisory panel meeting, which the Company expects to become part of the review process by the FDA.

Further Information

Conference call for press and analysts

http://www.epigenomics.com/en/news-investors/investors/financial-reports.html



The dial-in numbers for the conference call are:

Dial-in number (within Germany): + 49 69 247 501 899
Dial-in number (within the UK): +44 203 147 4862
Dial-in number (within the U.S.): +1 212 444 0296

Participants are kindly requested to dial in 10 minutes prior to the start of the call.

http://www.epigenomics.com/en/news-investors.html

http://www.epigenomics.com/en/news-investors.html



Contact Epigenomics AG

Antje Zeise
Manager IR | PR
Epigenomics AG
Tel +49 (0) 30 24345 368
ir@epigenomics.com
www.epigenomics.com

About Epigenomics



Epigenomics legal disclaimer

This communication expressly or implicitly contains certain forward-looking statements concerning Epigenomics AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Epigenomics AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Epigenomics AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

The information contained in this communication does not constitute nor imply an offer to sell or transfer any product, and no product based on this technology is currently available for sale by Epigenomics in the United States or Canada. The analytical and clinical performance characteristics of any Epigenomics product based on this technology which may be sold at some future time in the U.S. have not been established.