DGAP-News: Epigenomics AG / Key word(s): Quarterly / Interim Statement/9 Month figures
Epigenomics AG reports financial results for the first nine months of 2020
Berlin (Germany) and San Diego, CA (U.S.A.), November 12, 2020 – Epigenomics AG (FSE: ECX, OTCQX: EPGNY, the “Company”) today reported financial results (IFRS, unaudited) for the first nine months of 2020.
Major Events after the End of the Reporting Period
Greg Hamilton, CEO of Epigenomics AG: “We still do not understand the CMS’ preliminary decision. It is unexplainable to us why our microsimulation studies from CISNET and Harvard Medical School were not taken into account in CMS’ decision making process. Both studies were published in renowned, peer-reviewed scientific journals and clearly show that Epi proColon can reduce the incidence and mortality of colorectal cancer as effectively or better than other approved methods. Ultimately, the CMS’ preliminary decision is thus at the expense of the patients and accepts avoidable deaths. We believe there is a chance that CMS will change its final decision based on these results, as it has done in the past, and we will do everything in our power to change CMS’ preliminary decision.”
Greg Hamilton: “We strongly believe there is value in both our FDA approved blood test and our future product pipeline. However, our current liquidity reach of Q1 2021 limits our ability to both maximize our chances of reversing CMS’ decision for Epi proColon and identifying and executing strategic alternatives that would maximize shareholder value. The convertible bonds, which include a so-called back-stop agreement of up to EUR 4 million from our largest shareholder Deutsche Balaton Aktiengesellschaft, are an important bridge financing for the company. Each shareholder will receive a subscription right to prevent dilution of his or her shareholding. We ask all shareholders to register for the General Shareholders’ Meeting and to follow our proposals when voting in order to maximize our opportunity for success.”
9M 2020 Financial results
Revenue / EBITDA / Cash consumption
The financial report for the first nine months of 2020 is available on the Epigenomics website: https://www.epigenomics.com/news-investors/financial-reports/.
Furthermore, a letter from the Executive Board to the shareholders of the Company is also available on Epigenomics’ website: https://www.epigenomics.com/news-investors/general-shareholder-meeting-2/
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(R) 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, Europe, China and other selected countries. Epi proLung(R), a blood test for the detection of lung cancer, and 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 future-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.
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