Epigenomics AG Reports First Quarter 2006 Results
Wednesday, 03.05.2006, Berlin, Germany and Seattle, WA, USA, Epigenomics AG (Frankfurt, Prime Standard: ECX), a molecular diagnostics company developing tests based on DNA methylation, today reported financial results for the first quarter ending March 31, 2006.
First Quarter 2006:
For the first three months of 2006, revenue amounted to EUR 0.47 million compared with EUR 1.85 million for the same period in 2005. This decrease in revenue is attributed to the payment structure of the collaboration with Roche Diagnostics, which provided a significant R&D payment in this period last year. The company believes that it remains on track to meet revenue guidance for the fiscal year 2006 of EUR 7.5 to 9.0 million. Research and development expenditure narrowed to EUR 1.92 million from EUR 2.10 million in the same period 2005. General & administrative expenses were relatively constant at EUR 1.02 million (Q1 2005: EUR 0.99 million).
Due to the lower revenue, earnings before interest and taxes (EBIT) correspondingly were lower at EUR -4.01 million compared to EUR -2.85 million in the first quarter 2005. This was slightly better than expectated due to stringent control of operational costs. Overall, Epigenomics anticipates that costs will remain stable and in line with expectations. Net loss for the three months amounted to EUR 3.89 million compared to EUR 2.56 million in Q1 2005. Net loss per share was EUR 0.24 in the first quarter compared to EUR 0.16 in O1 2005. The net reduction in available liquidity for the first quarter of 2006 was EUR 3.89 million. As of March 31, 2006, cash and cash equivalents and marketable securities totaled EUR 29.30 million compared with EUR 32.69 million as of December 31, 2005.
Highlights of the First Quarter 2006 included:
- Extended the R&D collaboration with Roche until September 30, 2007, covering blood-based screening tests for colon, prostate and breast cancers;
- Regained full rights to two tissue-based molecular pathology tests: one for prostate cancer classification and a second for breast cancer relapse prediction;
- Validated independently the PITX2 breast cancer marker in 400 anthracyline-treated patient samples;
- Continued progress in Roche, Philip Morris and Qiagen collaborations;
- Presentated clinical results and novel data at the MD Anderson Tumour Biomarker Conference and the American Association for Cancer Research Annual Meeting (AACR).
“The first quarter was transformational for Epigenomics in terms of our product development. By regaining full rights to the two tissue-based products in breast and prostate cancers, we have begun to deliver on our stategy of building a pipeline of tissue-based pathology tests. Building on this success, our strategic collaboration with Qiagen recently resulted in the launch of our first product, EpiTect Bisulfite Kit, for DNA methylation analysis in molecular diagnostics and pharmacogenetics,” explained Oliver Schacht, CFO of Epigenomics AG. “The structure of our partnership with Roche means that our revenue stream is often impacted from quarter to quarter. Generally, however, we are on track to meet our revenue estimates for the year. To help address this situation, we have been able to maintain strict control on operational costs.”
Epigenomics is a molecular diagnostics company with a focus on the development of novel products for cancer. By detecting and interpreting DNA methylation patterns, Epigenomics’ tests can potentially diagnose disease at an early stage and help guide physicians to select an appropriate therapy. Epigenomics collaborates with Roche Diagnostics on the development of several diagnostic products in cancer. The company has its headquarters in Berlin, Germany, and a wholly owned subsidiary in Seattle, USA. For more information, please visit our website at www.epigenomics.com.
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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 future 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.
- Contact Information
- Oliver Schacht
- Chief Financial Officer
- Epigenomics AG
- Contact via E-mail
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