BERLIN, Germany, May 4, 2005 (PRIMEZONE) -- Epigenomics AG (Frankfurt:ECX) (Prime Standard: ECX), today reported financial results for the first quarter ending March 31, 2005.
First Quarter 2005:
For the first three months of 2005, revenue increased by 51% to EUR 1.85 million compared with EUR 1.23 million for the same period 2004. Primarily, revenue was generated through our ongoing partnership with Roche Diagnostics and our PharmaTechnology partnerships with Pfizer and Biogen Idec. Research and development expenditure increased slightly to EUR 2.10 million from EUR 1.96 million in the same period 2004. General & administrative expenses were EUR 0.99 million (Q1 2004: EUR 0.84 million).Earnings before interest and taxes (EBIT) was in line with expectations at EUR (2.85) million and improved by 14% compared to the first quarter 2004 (EUR (3.31) million) due to stringent cost control. Net loss for the three months amounted to EUR (2.56) million (Q1 2004: EUR (3.37) million). Net loss per share was EUR (0.16) in the first quarter compared to EUR (0.30) in 2004. The net reduction in available liquidity for the first quarter of 2005 was EUR 2.45 million. As of March 31, 2005, cash and cash equivalents and marketable securities totaled EUR 38.65 million compared with EUR 41.0 million at the end of Q4 2004.
Highlights of the First Quarter 2005 included:
* Progressed own tissue-based prostate biopsy test further through
clinical investigation
* Expanded proprietary tissue-based test portfolio with a
pharmacodiagnostic test for a major undisclosed marketed oncology
drug
* Progressed development of several of the Roche partnered programs
on schedule
* VCs agreement with Morgan Stanley for organized potential selling
of shares following expiration of post-IPO lock-up
* Identified industry leaders as potential Supervisory Board
members to replace departing VC representatives
* Continued expansion at our headquarter facility in Berlin,
Germany
"The first quarter was highly productive for Epigenomics in terms of delivering on our corporate strategy, culminating earlier this week with the signing of a broad ranging strategic collaboration with QIAGEN. The agreement involves the establishment of the preanalytical solution for our molecular diagnostics and the commercialization of kits for the research market. This major achievement for Epigenomics provides us with an opportunity to further leverage our expertise in DNA methylation as well as establishing the Epigenomics brand via product sales," explained Oliver Schacht, CFO of Epigenomics. "We have continued to deliver on our strategy of building a broad pipeline of tissue-based products and addedto our development pipeline a pharmacodiagnostic tissue-based test for a marketedoncology drug. Our diagnostic collaboration with Roche Diagnostics remains on track as do our pharmacodiagnostic deals with Pfizer and Biogen Idec. Also, with the appointment of Professor Uwe Bicker to join our Supervisory Board we are very pleased to have a prominent and highly experienced diagnostics industry representative associated with Epigenomics' further corporate development. Professor Bicker, amongst other key positions, is chairman of the board of Dade Behring GmbH and a former executive board member of Aventis."
About Epigenomics
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.
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 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.