Epigenomics AG implements comprehensive measures to reduce costs during the COVID-19 pandemic crisis

Epigenomics AG implements comprehensive measures to reduce costs during the COVID-19 pandemic crisis

Berlin (Germany), April 14, 2020 – Epigenomics AG (FSE: ECX, OTCQX: EPGNY; the “Company”) has initiated comprehensive measures to reduce costs in order to preserve liquidity during the global COVID-19 pandemic.

The Company has reduced expenses across all areas of the business during this unprecedented time including payroll in both Germany and the United States. An application for short-time work was submitted last week for all employees at the Company’s headquarters in Berlin, which is under review for approval by the Federal Employment Agency. Additionally, the Executive Board and Supervisory Board of Epigenomics AG are voluntarily waiving a portion of their compensation until further notice. These measures have been taken as a precautionary action and will apply for the coming months depending on the duration of the global crisis.

Irrespective of these measures, Epigenomics will remain operational and continue to fulfill customer orders and be in full compliance with legal, regulatory and financial obligations. These measures also have no effect on the National Coverage Determination (NCD) process currently underway for Epi proColon at the Centers for Medicare and Medicaid Services (CMS). The Company still anticipates CMS will meet the statutory timeline of issuing a proposed NCD by August 28, 2020 and a final NCD by November 28, 2020.

These precautionary measures coupled with the recent financing round completed at the end of March ensure that the Company will have sufficient liquid funds well into Q1 2021.
 

About Epigenomics

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 selected other countries. Epi proLung(R) and HCCBloodTest, blood-based tests for lung and liver cancer detection, have received CE mark in Europe.

For more information, visit www.epigenomics.com.
 

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

Investor Relations
IR.on AG, Frederic Hilke, Tel +49 221 9140 970, E-Mail: 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 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.