DGAP-News: Epigenomics AG / Key word(s): AGM/EGM/Preliminary Results
Epigenomics Announces Postponement of Annual General Meeting due to Coronavirus and Preliminary 2019 Flash Financial Results
Berlin (Germany), March 17, 2020 – Epigenomics AG (FSE: ECX, OTCQX: EPGNY; the “Company”), today announced the postponement of their Annual General Meeting (AGM) due to the Coronavirus (COVID-19). The World Health Organization recently declared the coronavirus outbreak a worldwide pandemic. Governments all over the world are implementing various containment measures in an effort to reduce the spread of the disease and minimize fatalities. Specifically, both the German and United States governments are implementing various travel restrictions and/or limitations on public gatherings. In light of the continuing uncertainty surrounding these events and potential future measures enacted by the German government, Epigenomics is postponing its May 14, 2020 Annual General Meeting in the interest of public safety. Due to the statutory lead time required for holding the AGM, the Company must make this decision at this time based on the potential impact and duration of this pandemic.
As the coronavirus continues to spread in Germany and elsewhere, the Company expects the next couple of weeks and potentially months to remain fluid. As such, Epigenomics has also decided to move the release of full year 2019 results from March 27, 2020 to April 29, 2020. This decision is based upon the goal of maximizing the safety of employees, customers, vendors and fellow citizens. Epigenomics’ management notes that the preliminary year-end flash financial results (unaudited) were revenue of EUR 1.1 million, Adjusted EBITDA of EUR -13.3 million and Cash Burn of EUR -13.5 million. All these results are within the guideline ranges provided in the Q3 2019 earnings call. The Company looks forward to providing a full year-end financial update on April 29, 2020.
The worldwide financial markets have experienced tremendous volatility and downward pressure due to the COVID-19 pandemic. Epigenomics’ share price has also been negatively affected despite the recent achievement of a major milestone, the Centers for Medicare and Medicaid Services (CMS) opening the National Coverage Determination (NCD) for Epi proColon. While the pandemic will certainly have negative revenue implications for numerous businesses worldwide, the Company believes that the impact on its 2020 revenue should be negligible and with the now “opened” NCD on February 28, 2020, the proposed coverage determination will be issued by August 28, 2020, and a final decision will be published by November 28, 2020. Issuance of a positive coverage decision would result in only one month of reimbursement in 2020. The executive board assumes that realization of commercial test volume and revenue ramp will occur in 2021.
The management will continue to monitor this unprecedented situation and notify stakeholders accordingly. It is important for Epigenomics to act as a good corporate steward in the interest of public safety. Public health experts advise that the best way to mitigate the spread of COVID-19 at this time is through social distancing in order to minimize the number of interactions that provide opportunities for the disease to spread. Epigenomics does not make these decisions lightly, but believes it is in the best interest of everyone’s safety.
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(R), 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. Epi proLung(R), a blood-based test for lung cancer detection, and HCCBloodTest, a blood-based test for liver cancer detection in cirrohtic patients, have received CE mark in Europe.
For more information, visit www.epigenomics.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 expected 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.
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
|Phone:||+49 30 24345-0|
|Fax:||+49 30 24345-555|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||998927|
|End of News||DGAP News Service|