Berlin (Germany) and Germantown, MD (U.S.A.), May 10, 2017 – Epigenomics AG (FSE: ECX, OTCQX: EPGNY), or the “Company”, today announced its financial results for the first quarter 2017 ended March 31.
Q1/2017 Financial results
- Total revenue slightly decreased to EUR 281 thousand (Q1 2016: EUR 295 thousand) mainly due to the termination of a licensing agreement for the sale of sample preparation kits.
- Operating costs in Q1 2017 decreased significantly to EUR 3.1 million (Q1 2016: EUR 5.3 million). In the comparison period, operating costs were impacted by non-cash expenses for share-based compensation.
- Operating loss (EBIT) for Q1 2017 decreased to EUR -2.7 million (Q1 2016: EUR -4.6 million). EBITDA before expenses for share-based compensation decreased to EUR -2.4 million (Q1 2016: EUR -2.2 million).
- Net loss for Q1 2017 decreased to EUR -2.4 million (Q1 2016: EUR -4.3 million). Loss per share for Q1 2017 decreased to EUR -0.10 (Q1 2016: EUR -0.23).
- Cash consumption in Q1 2017 decreased to EUR 1.6 million (Q1 2016: EUR 2.4 million).
- The Company’s liquidity (cash, cash equivalents and marketable securities) at the reporting date was EUR 10.7 million (Dec 31, 2016: EUR 12.3 million).
- Contract with U.S. Department of Veterans Affairs: As announced on March 3, 2017, the U.S. Department of Veterans Affairs has awarded Epigenomics’ distribution partner Polymedco, Inc. with a five-year supply contract for Epi proColon®, commencing March 1, 2017. The Veterans Administration operates the nation’s largest integrated healthcare system, with more than 1,700 hospitals, clinics, community living centers, domiciliaries, readjustment counseling centers, and other facilities.
- Epigenomics Joins Forces with “80% by 2018” initiative: Epigenomics has made the pledge to help increase colorectal cancer screening rates by supporting the 80% by 2018 initiative, led by the American Cancer Society (ACS), the Centers for Disease Control and Prevention (CDC) and the National Colorectal Cancer Roundtable (a coalition co-founded by ACS and CDC). “80% by 2018” is a shared goal to have 80% of adults aged 50 and older screened for colorectal cancer by 2018.
- ADMIT study results published: The Journal of “Cancer Treatment and Research Communications” published results of the ADMIT trial (ADherence to Minimally Invasive Testing) with Epi proColon. Study results confirm that a blood-based colorectal cancer screening test has the potential to increase the participation in colorectal cancer screening compared to a fecal test. The study demonstrated a 99.5% rate of adherence to CRC screening using Epi proColon.
- Systematic study review for Epi proColon published: Scientific results of a recent systematic review and meta-analysis of clinical studies with Epi proColon were published in “Clinical and Translational Gastroenterology”, a journal of the Nature Publishing Group. After analyzing results from 25 independent studies from different geographical areas, the authors conclude that methylated Septin 9 detected by the Epi proColon test “is a reliable blood-based marker in colorectal cancer detection”.
- Publication in Journal of Molecular Diagnosis & Therapy: An independent, peer-reviewed article on the blood-based colorectal cancer screening test Epi proColon 2.0 CE was published in the Journal of Molecular Diagnosis & Therapy. According to the study authors Yvette N. Lamb and Sohita Dhillon, Epi proColon® 2.0 CE demonstrated high sensitivity and specificity in case control studies. Furthermore, it provides a patient-friendly option that may increase participation in colorectal cancer screening programs.
Outlook 2017 confirmed
The Company confirms the outlook for the financial year 2017 as provided on April 26, 2017.
The report on the first quarter 2017 can be downloaded from Epigenomics’ website at:
Conference call for analysts and investors
The Company will host a conference call and webcast at 4.00 pm CET / 10.00 am EDT, today. The presentation can be followed on the Company’s website.
The dial-in numbers for the conference call are:
Germany: +49 30 232531411
UK: +44 1635 598058
USA: +1 646 7129911
A transcript of the conference call will be provided on Epigenomics’ website subsequently: http://www.epigenomics.com.
Epigenomics is a molecular diagnostics company focused on blood-based detection of cancers using its proprietary DNA methylation biomarker technology. The company develops and commercializes diagnostic products across multiple cancer indications with high medical need. Epigenomics’ lead product, Epi proColon, is a blood-based screening test for the detection of colorectal cancer. Epi proColon has received approval from the U.S. Food and Drug Administration (FDA) and is currently marketed in the United States, Europe, and China and selected other countries. Epigenomics’ second product, Epi proLung®, is in development as a blood-based test for lung cancer detection.
For more information, visit www.epigenomics.com.
Epigenomics AG, Investor Relations, Peter Vogt, Geneststrasse 5, 10829 Berlin, Tel +49 (0) 30 24345 386, Fax +49 (0) 30 24345 555, E-Mail: email@example.com
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.