EQS-News: Epigenomics AG / Key word(s): Restructure of Company/Financing
Epigenomics decides to restructure to minimize costs
Berlin (Germany) and San Diego, CA (U.S.A.) February 15, 2023 – The Executive Board of Epigenomics AG (Frankfurt Prime Standard: ECX1, OTCQX: EPGNY; the “Company”) today decided to restructure the Company and significantly reduce the Company’s operations. The restructuring is being undertaken with the intention of minimizing costs. It is also intended to extend the timeframe available to the Company to secure funding for the further development of the “Next-Gen” test for the detection of colorectal cancer (CRC).
As part of the restructuring, it is planned that the Company will undertake the following measures in particular:
Greg Hamilton, CEO of Epigenomics AG: “As announced, we have explored numerous alternatives over the past months to secure funding for the FDA pivotal study of our “Next-Gen” test. Unfortunately, we have not been able to raise additional capital in the current market environment and therefore, in close consultation with the Supervisory Board, we have decided to take this tough but, in our view, unavoidable step to ensure the continued existence of the Company. We very much regret to initiate the above measures. On behalf of the entire Executive Board, I would like to thank all our employees for their often-tireless efforts. We remain convinced of the benefits of our test and hope to find a solution for the further development and approval of the test.”
On this basis, the executive board expects revenues for 2023 to be in the range of EUR 60,000 to EUR 200,000. Otherwise, the financial outlook will be announced as part of the Annual Report.
Epigenomics AG is a molecular diagnostics company focused on blood testing for the early detection of cancer. Based on its proprietary biomarker technology for the detection of methylated DNA, Epigenomics develops and markets blood tests for various cancer indications with high unmet medical need. Epigenomics’ lead product is the blood test Epi proColon® for the early detection of colorectal cancer. Epi proColon is approved by the U.S. Food and Drug Administration (FDA) and is marketed in the United States and Europe as well as other selected countries. HCCBloodTest, a blood test for the detection of liver cancer, have received the CE Mark for marketing in Europe.
For further information please visit www.epigenomics.com.
Note on forward-looking statements
This publication expressly or implicitly contains forward-looking statements concerning Epigenomics AG and its business. These statements involve certain known and unknown risks, uncertainties and other factors that may cause Epigenomics AG’s actual results, financial condition and performance to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Epigenomics makes this announcement as of the date of this release and does not intend to update any forward-looking statements contained herein as a result of new information or future events or otherwise.
15.02.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News – a service of EQS Group AG.
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|EQS News ID:||1560347|
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