Archives

Epigenomics AG: Executive Board member Jens Ravens leaves the Company on April 30, 2024

Berlin (Germany), April 30, 2024 – Jens Ravens, Executive Board member of Epigenomics AG (Frankfurt General Standard: ECX, the “Company”), leaves the Executive Board of the Company with effect as of April 30, 2024 due to the successful transfer of nearly all assets of the Company to New Day Diagnostics LLC.

Dr. Helge Lubenow, Chairwoman of the Supervisory Board of Epigenomics AG, thanked Jens Ravens on behalf of the entire Supervisory Board: “Jens Ravens accompanied the company during a very difficult phase and in particular made significant contributions to secure the continued existence of Epigenomics AG, both through the restructuring initiated since the beginning of 2023 and through the sale of almost all of the company’s assets to New Day Diagnostics LLC. As proposed by the Executive and Supervisory Board, the Extraordinary Shareholders’ Meeting on September 11, 2023 approved the sale of nearly all assets to NDD with an overwhelming majority. The Supervisory Board considers the sale as the most promising way to create value for our shareholders in the current situation. We deeply regret the departure of Jens Ravens and wish him all the best for the future.”

As of February 2022, Jens Ravens initially served as Chief Financial Officer and was, since the departure of CEO Greg Hamilton on June 30, 2023 until January 31, 2024, sole member of the Executive Board of Epigenomics AG.

As of May 1, 2024, Hansjörg Plaggemars will manage the company as sole member of the Executive Board.

Contact:
Company
Epigenomics AG, Bertha-Benz-Strasse 5, 10557 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.

Epigenomics AG publishes financial results for fiscal year 2023

Berlin (Germany), March 14, 2024 – Epigenomics AG (FSE: ECX, the “Company”) today reported financial results (according to HGB) for fiscal year 2023.

OPERATIONAL DEVELOPMENTS

• Due to the lack of necessary financing for the further development of the Epi proColon “Next-Gen” test and the significantly deteriorated conditions for risk capital on the financial markets, Epigenomics initiated extensive restructuring measures in February 2023 to reduce cash consumption.
• In connection with the restructuring, CEO Greg Hamilton (effective June 30, 2023) and CSO Andrew Lukowiak, Ph.D. (effective May 31, 2023), resigned from their positions. In addition, the Chairman of the Supervisory Board Heino von Prondzynski stepped down from the Supervisory Board for health reasons on February 15, 2023.
• In July 2023, Epigenomics AG entered into an agreement with New Day Diagnostics LLC for the sale of substantially all of its assets, which was approved by the Extraordinary General Meeting in September 2023 and closed in October 2023.
• Following the sale, Epigenomics operates as a holding company and is dedicated to managing its own assets, acquiring, holding and selling investments in companies in Germany and abroad, particularly in the field of minimally invasive blood tests for cancer detection, as well as investing in other assets.
• The Company’s overall assessment of the fiscal year 2023 is positive, as an imminent threat to the Company’s continued existence was averted, liquidity was generated and there is the opportunity to continue to benefit from the further commercialization of Epi proColon and the Epi proColon “Next-Gen” technology via New Day Diagnostics LLC. In addition to potential cash payments depending on certain milestones, especially potential earn-out payments until the expiration of the patent protection of the Epi proColon “Next-Gen” technology in 2043 offer financial opportunities for the future.
• Based on the measures taken, Epigenomics AG expects that the available financial resources will be sufficient until 2026. In addition, business opportunities arise from the activities as a holding company, particularly in the area of minimally invasive blood tests for cancer detection.

KEY FIGURES 2023

• With the binding dissolution of Epigenomics Inc., the obligation to prepare consolidated financial statements in accordance with IFRSs no longer applies. The Company therefore reports on the basis of separate financial statements in accordance with the German Commercial Code (HGB).
• Revenue decreased to EUR 0.3 million in the 2023 fiscal year, compared to EUR 0.9 million in the previous year. The main reason for the decline in revenue was the discontinuation of the distribution of Epi proColon as part of the restructuring process.
• Other operating expenses fell from EUR 8.7 million in 2022 to EUR 4.2 million in the reporting year. This was due to lower research and development costs as a result of the restructuring measures introduced.
• Personnel expenses amounted to EUR 4.2 million in the 2023 financial year, an increase of EUR 1.2 million compared to the previous year, which is mainly attributable to restructuring costs (severance payments).
• The increase in other income to EUR 4.7 million (2022: EUR 2.5 million) included the proceeds from the sale of assets to New Day Diagnostics LLC in the amount of EUR 4.0 million and exchange rate gains of EUR 0.4 million (2022: EUR 2.4 million).
• The net loss for the year decreased to EUR -4.5 million (2022: EUR -17.3 million) and was therefore within the forecast range of EUR -4.0 million to EUR -6.0 million in the reporting period.
• Due to the restructuring measures implemented and the sale of almost all assets to New Day Diagnostics LLC, cash consumption fell significantly to EUR 5.6 million after EUR 10.7 million in the previous year. Cash consumption therefore developed in line with the earnings situation and in line with the forecast.
• As of December 31, 2023, the Company had cash and cash equivalents of EUR 2.1 million (December 31, 2022: EUR 7.8 million).

OUTLOOK 2024

• For the full year 2024, Epigenomics AG expects a net loss within the range of EUR -0.8 million to EUR -1.2 million.
• Based on the business plan, the Company also expects cash consumption of between EUR -1.3 million and EUR -1.7 million, with cash expenses planned for 2024 relating to the maintenance of proper administrative business operations.

Further information

The annual financial statements for the 2023 fiscal year can be found on the Epigenomics website at: https://www.epigenomics.com/news-investors/financial-reports/.

Contact:
Company
Epigenomics AG, Bertha-Benz-Str. 5, 10557 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.