On November 19, 2019 Epigenomics AG (FSE: ECX, OTCQX: EPGNY, the "Company") reported its financial results (IFRS, unaudited) for the first nine months of 2019 (Press release, Epigenomics, NOV 19, 2019, View Source [SID1234551457]).

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

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.
Further information
The interim statement for the first nine months of 2019 (unaudited) is available on the Epigenomics website: View Source

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: View Source

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.