Epigenomics reports results for the financial year 2012
22-Mar-2013
- Germany
Epigenomics AG announced its results for the financial year ended 31 December 2012 and provided an outlook for 2013.
2012 Financial results
- 2012 revenue amounted to EUR 1.0 million (2011: EUR 1.4 million) generated from product sales of Epi proColon® kits, royalty payments, licensing income and partnering activities; the decrease compared to 2011 is primarily due to one-off licensing payments received in 2011 with no comparable effects in 2012. Product sales prior to a potential approval of Epi proColon® in the US continued on a low level, though moderately increasing, over the year.
- Other income increased to EUR 1.0 million (2011: EUR 0.5 million) primarily driven by the reversal of provisions related to the restructuring of the Company in 2011.
- Net loss improved by 22% to EUR 12.2 million (2011: EUR 15.6 million). The decline in total revenue and an increase of R&D costs due to the execution of the comparison study were overcompensated by the absence of extraordinary effects (i.e. restructuring and goodwill amortization) in 2012 (2011: EUR 5.5 million).
- Epigenomics implemented significant cost savings in 2012. Consequently, cash consumption was reduced to EUR 10.9 million (2011: EUR 12.2 million) but contained high cash outflows directly attributable to the study mentioned above (EUR 2.3 million) and payments related to restructuring measures taken (in total EUR 1.4 million).
- Cash and cash equivalents at year-end 2012 amounted to EUR 2.7 million (2011: EUR 14.0 million). The Company raised gross proceeds of EUR 5.0 million in an equity issue at the beginning of 2013.
Outlook for 2013
- Prior to securing approval of Epi proColon® as an IVD product in the U.S. market, Epigenomics remains cautious and does not expect revenues to significantly differ from 2012 levels.
- BIT and net loss for 2013 are expected to be significantly lower than in 2012 due to the full effect of the 2011 restructuring and significantly reduced R&D expenses. Net loss for 2013 expected in the range of EUR 6.5 to 7.5 million.
- In line with reduced net loss, cash consumption 2013 is expected to be in the range of EUR 6.5 to 7.5 million.
- Current financial resources expected to support the Company’s operations until the end of 2013. Epigenomics will continue to diligently explore all strategic options, including the possibility to raise capital.
Other news from the department business & finance
Most read news
More news from our other portals
Last viewed contents
Amgen Reports Third Quarter 2001 Earnings Per Share Of 30 Cents
Study shows community approach effective in fight against diabetes
Biotage AB Acquires Separtis Holding AG for 1.4M Euros (13M SEK) and Completes EU Distribution Consolidation
Cerus Obtains Exclusive Rights to INTERCEPT Blood System from Baxter
Almond
CureVac Establishes U.S. Operations in Cambridge, MA
Oriola-KD Corporation completes its Russian acquisition
Creating energy from light and air - new research on biofuel cells
Caltech chemists say antibody surrogates are just a 'click' away
FRYKA - circulating coolers ULK | Recirculating chillers | FRYKA Kältetechnik
Microbix takes over urokinase production from Genpharm - Negotiations for the exclusive right to manufacture the drug for a new proprietary use
