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Epigenomics AG / Key word(s): Restructure of Company/Financing
​​​​​​​Epigenomics resolves on restructuring to minimize costs

15-Feb-2023 / 11:13 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Epigenomics resolves on restructuring to minimize costs

Berlin, Germany, February 15, 2023 – Today Epigenomics AG (Frankfurt Prime Standard: ECX1, OTCQX: EPGNY; the “Company”) has decided to restructure the Company and to significantly reduce the Company’s operations (the “Restructuring”). The Restructuring is carried out to minimize the Company’s costs. In addition, this is intended to extend the time period available to the Company to secure financing for the further development of the “Next-Gen”-test for detecting colorectal cancer (CRC).

As part of the restructuring, it is planned that the Company will undertake the following measures in particular:

  • The Company will stop the sale of Epi proColon and recall the product. 
  • The number of employees at the sites in Berlin and San Diego is reduced to the level required to maintain minimal business operations.
  • A reduction in the number of Supervisory Board members to three shall be proposed to the Annual General Meeting in 2023. In addition, Heino von Prondzynski has resigned as chairman and as member of the Supervisory Board with immediate effect due to health and costs reduction reasons. Franz Walt has resigned from the Supervisory Board with effect as of April 30, 2023 as part of the restructuring cost reduction efforts. In the place of Heino von Prondzynski, the Supervisory Board has elected Dr Helge Lubenow as the new chairwoman of the Supervisory Board.
  • The Company will promptly apply for the revocation of its admission to the sub-segment of the regulated market of the Frankfurt Stock Exchange with additional post-admission obligations (Prime Standard). The revocation, which will generally take effect three months after publication of the revocation decision by the management board of the Frankfurt Stock Exchange, will not otherwise affect the admission to the regulated market (General Standard).
  • The Company will terminate the existing American Depository Receipts program.
  • Furthermore, the annual report with the consolidated financial statements and the financial statements for Epigenomics AG for the financial year 2022 are expected to be published on April 21, 2023.

On this basis, the executive board expects revenues for 2023 to be in the range of EUR 60,000 to 200,000. Otherwise, the financial outlook will be announced as part of the Annual Report.

 

Contact:
Company
Epigenomics AG, Geneststrasse 5, 10829 Berlin
Tel +49 (0) 30 24345 0, Fax +49 (0) 30 24345 555, Email: contact@epigenomics.com

Investor Relations
IR.on AG, Frederic Hilke, Tel +49 221 9140 970, Email: ir@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-Feb-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


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