Epigenomics AG Reports Financial Results for the First Nine Months 2019

DGAP-News: Epigenomics AG / Key word(s): Quarterly / Interim Statement/9 Month figures
19.11.2019 / 08:00
The issuer is solely responsible for the content of this announcement.

Epigenomics AG Reports Financial Results for the First Nine Months 2019
 

Berlin (Germany) and San Diego, CA (USA), November 19, 2019 - Epigenomics AG (FSE: ECX, OTCQX: EPGNY, the "Company") today announced its financial results (IFRS, unaudited) for the first nine months of 2019.

Major Events After the End of the Reporting Period

• On November 7, 2019, after the end of the reporting period, Epigenomics successfully completed a capital increase with gross proceeds of approximately EUR 8.3 million. The shares from the private placement were allocated to multiple investors, including, in particular, institutional investors from the U.S.A. and Germany.
• On November 21, 2019, Dr. Elvira D'Andrea, one of the authors of the microsimulation model comparing outcomes of colorectal cancer screening methods, including the Epi proColon blood test, will present at the 12th European Public Health Conference of the European Public Health Association. In addition, Dr. D'Andrea, together with her colleague Dr. Medhi Najafzadeh, co-author of the model, will participate in an investor conference call on November 21 where they will discuss a summary of the presentation entitled "Quantifying the impact of adherence to screening on colorectal cancer incidence and mortality".

Greg Hamilton, CEO of Epigenomics AG: "I would like to take this opportunity to thank all our existing and new shareholders, who participated in our capital increase, for the confidence they have placed in Epigenomics. The funds raised will enable us to continue to execute on our major goal, reimbursement for our blood test Epi proColon in the U.S.A. In addition, we are looking forward to the conference call with Dr. D'Andrea and her co-author Dr. Najafzadeh in which they will present their positive study results of the microsimulation model to interested investors".
 

Key figures

• Product revenue for the first nine months increased 28% to EUR 818 thousand compared to the same period last year. Total revenue for the period decreased year-on-year to EUR 847 thousand (9M 2018: EUR 1,315 thousand) due to lower licensing revenue.
• Research and development costs increased by EUR 1.2 million to EUR 5.7 million in the 9-month period due to expenses related to the post-approval study for Epi proColon and the HCC study in the U.S.A.
• Selling and administrative expenses increased from EUR 6.0 million (9M 2018) to EUR 6.9 million.
• EBITDA (before share-based payment expenses) decreased from EUR -8.0 million in the comparable period of 2018 to EUR -9.7 million.
• The net loss for the period was EUR -10.0 million (9M 2018: EUR -8.7 million); the loss per share fell to EUR 0.28 (9M 2018: EUR 0.36) due to the higher number of shares after the capital increase in the second half of 2018.
• Cash consumption increased to EUR 10.9 million in the first three quarters of 2019 (9M 2018: EUR 6.9 million) mainly due to an increased R&D spend and changes in working capital.
• As of September 30, 2019, liquidity amounted to EUR 6.3 million (including marketable securities) compared to EUR 17.1 million at year-end 2018.

Outlook 2019

Revenue

• As disclosed in the prospectus for the capital increase in November 2019, the Company expects full-year 2019 revenue in a range of EUR 1.0 million to EUR 1.5 million.

EBITDA

• For EBITDA before share-based payment expenses, Epigenomics forecasts a range of EUR -12.5 million to EUR -14.0 million for the full year 2019.
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Further information

The interim statement for the first nine months of 2019 (unaudited) is available on the Epigenomics website: https://www.epigenomics.com/de/news-investoren/finanzberichte/
 

Conference call for analysts and investors

Epigenomics AG will host a conference call for analysts and investors today at 3:30 pm (CET) / 9:30 am (EST). The webcast can be accessed on the Company's website: https://www.epigenomics.com/de/news-investoren/finanzberichte/

The dial-in numbers for the conference call are:

Dial-in number Germany: +49 30 2332 257 28
Dial-in number UK: +44 20 3872 0880
Dial-in number USA: +1 862-701-2734

Participants are kindly asked to dial in 10 minutes prior the start of the call.

An audio replay of the conference call will be provided on the Epigenomics' website subsequently.
 

About Epigenomics

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, 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 selected other countries. Epi proLung(R) and HCCBloodTest, blood-based tests for lung and liver cancer detection, have received CE mark in Europe.
For more information, visit www.epigenomics.com.
 

Contact:
Company
Epigenomics AG, Geneststrasse 5, 10829 Berlin
Tel +49 (0) 30 24345 0, Fax +49 (0) 30 24345 555, E-Mail: contact@epigenomics.com

Investor Relations
IR.on AG, Frederic Hilke, Tel +49 221 9140 970, E-Mail: 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 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.

19.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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