OncoMethylome's Q1 2010 Business Update
(Thomson Reuters ONE) -
DURHAM, NC, and LIEGE, BELGIUM - May 6, 2010, 8:00 CET - OncoMethylome Sciences
(Euronext Brussels: ONCOB; Euronext Amsterdam: ONCOA), a leading molecular
diagnostics company in the field of cancer and pharmacogenomics, today issued
its Q1 2010 business update, providing an overview of financial results and
business highlights.
Q1 2010 highlights
* Improved its operating result (EBIT) by 23%, operating cash flows by 54%,
and overall cash flows by 53% compared to Q1 2009
* Entered into an agreement to provide Roche with MGMT methylation testing
services for Avastin(®) clinical trials
* Further validated products and focused R&D development on 3 cancer areas and
on pharmacogenomics
* Appointed Dr. Jan Groen as the new CEO of the company
At the end of 2009, OncoMethylome started implementing a focused development
effort concentrating on 3 diagnostic areas (colorectal, bladder, and prostate
cancers) and on pharmacogenomics. This focus is starting to yield encouraging
results, and has allowed the company to reduce its cash burn and improve its
overall financial position. In Q1 2010, the operating result was improved by
23% and operating cash flows were improved by 54% compared to the same period a
year earlier.
Roche has now joined several other large pharmaceutical companies such as Merck
Serono and Schering-Plough in using the OncoMethylome MGMT test in clinical
trials and as a potential companion diagnostic test to predict patient response
to these companies' leading cancer drugs.
"In the first quarter of 2010, OncoMethylome has quickly executed on significant
changes in its operations to improve its R&D output, product validation and its
financial results. The first results of our change program that will continue
throughout 2010 are very encouraging," said Dr. Jan Groen, Chief Executive
Officer of OncoMethylome.
Key non-audited financials, as of 31.03.2010
Amounts as at and for the three months ended
+------------------------------+----------------+----------------+
| Euro thousands | March 31, 2010 | March 31, 2009 |
+------------------------------+----------------+----------------+
| Revenues | 634 | 688 |
+------------------------------+----------------+----------------+
| EBITDA Income (Loss) | (2.305) | (2.868) |
+------------------------------+----------------+----------------+
| EBIT Operating Income (Loss) | (2.374) | (3.095) |
+------------------------------+----------------+----------------+
| Net Profit (Loss) | (2.396) | (2.936) |
+------------------------------+----------------+----------------+
| Cash and cash equivalents | 16.053 | 26.433 |
+------------------------------+----------------+----------------+
Revenues in Q1 2010 decreased slightly compared to Q1 2009 due to a reduction in
grant revenue that was largely offset by increased commercial revenues. The
operating result (EBIT) improved by 23% in Q1 2010 as a result of a 21% decrease
in operating costs. The decrease in operating costs was achieved through a
cost-cutting and focus effort launched at the end of 2009.
The cash balance on hand at the end of March 2010 decreased compared to March
2009 due mainly to the cash consumed in the full year 2009. The operating cash
flow improved by 54% in Q1 2010 compared to the same quarter last year as a
result of cost reductions and improvements in the working capital balances.
About OncoMethylome Sciences
OncoMethylome Sciences is a leading molecular diagnostics company that
commercializes and develops cancer-screening tests to assist physicians in
detecting and treating cancer early. The company's tests are based on
proprietary gene methylation technology invented at Johns Hopkins University and
are designed to help the physician accurately detect early stages of cancer
development, predict a patient's response to drug therapy, and predict the
likelihood of cancer recurrence. OncoMethylome Sciences collaborates with
leading cancer research centers, such as Johns Hopkins, in Baltimore, MD, and
has a number of commercial and collaborative partnerships with LabCorp,
Schering-Plough, GlaxoSmithKline Biologicals, Roche, Millipore Corporation's
BioScience Division, Merck Serono and Qiagen.
For more information:
Dr. Jan Groen
CEO
+32 4.364.20.70 office
IR(at)oncomethylome.com
This press release contains forward-looking statements and estimates with
respect to the anticipated future performance of OncoMethylome and the market in
which it operates. Such statements and estimates are based on assumptions and
assessments of known and unknown risks, uncertainties and other factors, which
were deemed reasonable but may not prove to be correct. Actual events are
difficult to predict, may depend upon factors that are beyond the Company's
control, and may turn out to be materially different.
[HUG#1412276]
2010-5-6 Q1 Business update: http://hugin.info/137314/R/1412276/364502.pdf
Unternehmensinformation / Kurzprofil:
Datum: 06.05.2010 - 08:01 Uhr
Sprache: Deutsch
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