OncoMethylome Sciences Reports 2009 Half-Year Results
(Thomson Reuters ONE) - Continued Strong Clinical Data for Key ProductsLiege (Belgium) - Regulatory Release - August 27, 2009, 8:00 CET -OncoMethylome Sciences (Euronext Brussels: ONCOB, Euronext Amsterdam:ONCOA) published its financial results today for the first half of2009, ending on June 30, 2009.In the first half of 2009, OncoMethylome continued to develop andvalidate several tests for cancer detection and personalized cancertreatment. During this period the following main advances were made: * Significantly advanced the novel blood-based colorectal cancer screening test * Made test more robust and automatable * Continued to validate test on numerous clinical samples * Completed 2000-patient trial * Initiated new 5000-patient trial * Followed-up interest from various potential distribution partners * Presented supplemental clinical data further showing the ability of OncoMethylome's test to detect bladder cancer in urine samples (sensitivity 90%, specificity 93%) * Provided MGMT companion diagnostic testing services for several new pharmaceutical drug trials (RTOG/Avastin, Merck/Cilengitide) * Initiated several new research collaborations with big Pharma and leading oncology centers to indentify new companion diagnostic biomarkers for major oncology drug classes.H1 2009 financial highlights (versus H1 2008)Key Figures (EUR thousands, except number of shares and per sharedata):+-------------------------------------------------------------------+| | June 30, 2009 | June 30, 2008 ||-----------------------------------+---------------+---------------|| Revenues | 1,268 | 1,521 ||-----------------------------------+---------------+---------------|| Operating loss (EBIT) | -6,529 | -6,218 ||-----------------------------------+---------------+---------------|| Net loss | -6,340 | -5,700 ||-----------------------------------+---------------+---------------|| Earnings per share, basic and | -0.48 | -0.48 || diluted (?) | | ||-----------------------------------+---------------+---------------|| Number of outstanding shares | 13,185,614 | 11,808,822 ||-----------------------------------+---------------+---------------|| Cash and cash equivalents | 23,745 | 25,394 |+-------------------------------------------------------------------+RevenuesRevenues decreased by 17% to EUR 1.3 million from EUR 1.5 million forthe same period in 2008, mainly due to one-time up-front fees andmilestone fees on deals which occurred in 2008. There were noup-front or milestone fees received in 2009.Costs and ProfitabilityTotal research and development expenses for the first half of 2009were EUR 5.6 million compared with EUR 5.8 million for the first halfof 2008. This 4% decrease resulted from a reduction in external R&Dcollaboration expenses offset in part by an increase in clinicaltrials.Selling, general and administrative expenses increased to EUR 2.1million in the first half of 2009 from EUR 1.8 million in H1 2008.This increase is mainly due to the expansion of the businessdevelopment activities.As a result of the expansion in business development activities, thetotal operating costs increased by 2% in H1 2009 compared to H1 2008.Cash PositionOncoMethylome's cash and cash equivalents amounted to EUR 23.7million at June 30, 2009. Total net cash consumed in the first 6months of 2009 decreased to EUR 6.9 million compared to a total netcash consumption of EUR 7.7 million in the same period of 2008.Outlook for H2 2009"We continue to have strong scientific results on all of our key newproducts in development" stated Mr. Herman Spolders, CEO ofOncoMethylome. "Most importantly, the recent clinical data is comingfrom non-invasive samples on test versions that have been simplifiedand improved to run in commercial laboratories. Most of the R&Defforts in H1 2009 were focused on enhancing the ease of use of theblood-based colorectal cancer screening test for commercial purposesand validating the test on ever-increasing clinical sample sets.Colorectal cancer is one of the most common cancers that most oftencan be successfully-treated if detected early. However, currentscreening tests on the market result in less than 40% of thecolorectal cancers being detected at an early-stage. We are thus veryencouraged by the current scientific results of our non-invasive testfor the screening of colorectal cancer."OncoMethylome's current revenues are highly dependent on fees fromcertain new deals and milestones, for which the exact timing isuncertain. For the full year 2009 OncoMethylome expects to increaseits spending, mainly for clinical trials. As a result, OncoMethylomeexpects the loss of the full year 2009 to be higher than that of 2008Statutory auditor's limited review report" We have reviewed the accompanying consolidated statement offinancial position of OncoMethylome Sciences S.A. and itssubsidiaries, as of 30 June 2009 and the related consolidated incomestatement, statement of comprehensive income, changes in equity andcash flows for the six month period then ended, as well as thecondensed explanatory notes. The board of directors is responsiblefor the preparation and presentation of this condensed consolidatedinterim financial information in accordance with IAS 34 as adopted bythe European Union. Our responsibility is to express a conclusion onthis condensed consolidated interim financial information based onour review.We conducted our review in accordance with the recommendation of theBelgian Institute of Company Auditors related to the performance ofreviews. Accordingly, it involved principally analysis, comparisonand discussion of the condensed consolidated interim financialinformation and, accordingly, was less extensive in scope than anaudit of that information.Our review did not reveal any matters requiring correction of thecondensed consolidated interim financial information for it to havebeen prepared, in all material respects, in accordance with IAS 34 asadopted by the European Union."Zaventem - August 26, 2009The Statutory AuditorBDO Atrio Réviseurs d'Entreprises Soc. Civ. SCRLRepresented by Bert KegelsComplete financial statements:To download the 2009 interim report, go tohttp://www.oncomethylome.com/investors/financials.htmOncoMethylome Reporting CalendarNovember 5, 2009 - Q3 2009 business updateMarch 11, 2010 - Full year 2008 resultsMay 6, 2010 - Q1 2010 business updateMay 28, 2010 - Annual general shareholders' meetingAugust 26, 2010 - Half year 2010 resultsAbout OncoMethylome SciencesOncoMethylome Sciences (Euronext Brussels: ONCOB; Euronext Amsterdam:ONCOA) is a molecular diagnostics company developing gene methylationtests to assist physicians in effectively detecting and treatingcancer. Specifically, the company's tests are designed to help thephysician (i) accurately detect cancer in early stages of cancerdevelopment, (ii) predict a patient's response to drug therapy, and(iii) predict the likelihood of cancer recurrence.OncoMethylome boasts a broad product development pipeline consistingof over ten products and a solid partnering record. The companycollaborates with leading international molecular oncology researchcenters, such as The Johns Hopkins University, and has a number ofcommercial and collaborative partnerships with Veridex LLC, a Johnson& Johnson company, LabCorp, Schering-Plough Corp., GlaxoSmithKlineBiologicals, Abbott, Millipore Corporation's BioScience Division,Merck KGaA and Qiagen. OncoMethylome's products are based onmethylation technology invented by Johns Hopkins University (USA).Established in January 2003, OncoMethylome has offices in Liege andLeuven (Belgium), in Durham, NC (USA), and in Amsterdam (theNetherlands).For more information please contact:Philip DevineTel. +32 4 364 2070ir(at)oncomethylome.comor visit: www.oncomethylome.comThis press release contains forward-looking statements and estimateswith respect to the anticipated future performance of OncoMethylomeand the market in which it operates. Such statements and estimatesare based on assumptions and assessments of known and unknown risks,uncertainties and other factors, which were deemed reasonable but maynot prove to be correct. Actual events are difficult to predict, maydepend upon factors that are beyond the Company's control, and mayturn out to be materially different.http://hugin.info/137314/R/1337372/318647.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 27.08.2009 - 08:04 Uhr
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