Liege (Belgium) - May 7, 2009, 08.00 CET - OncoMethylome Sciences (Euronext Brussels: ONCOB, Euronext Amsterdam: ONCOA), an innovative molecular diagnostics company, today issued its Q1 2009 business update, providing an overview of its financial position and summarizing material events that took place during this period.
Q1 2009 material events
- Started MGMT and Methylation Specific PCR (MSP) testing for Merck KGaA in their clinical trials for Cilengitide
- US-based RTOG agreed to start MGMT and Methylation Specific PCR (MSP) testing for Phase III clinical trial for Avastin
- Initiated collaboration with an undisclosed pharmaceutical company for the identification and validation of methylation biomarkers for a major oncology drug
- Prepared Q2 2009 launch of an additional 5000-patient multi-center trial for validation of OncoMethylome's blood-based colorectal cancer screening test
- Advanced in the research and development of several diagnostic products
OncoMethylome's MGMT methylation test has been shown to predict brain-cancer (glioblastoma) patient response to leading drugs for treatment of this cancer. In Q1, 2009, Merck KGaA began to use OncoMethylome's MGMT test in its clinical trials for glioblastoma patients and its Cilengitide drug. In this same quarter, the RTOG (US-based RadioTherapy Oncology Group) agreed to test for MGMT methylation in a large trial for glioblastoma patients using the Genentech-Roche Avastin drug. OncoMethylome's MGMT test is already being used by several pharmaceutical companies, such as Schering-Plough Corp., in their clinical trials for drugs. Since end-2008, Laboratory Corporation of America Holdings ("LabCorp") has been commercializing the MGMT test in North America incorporating OncoMethylome technology.
In 2008, OncoMethylome enrolled more than 2000 patients in a clinical trial for its blood-based colorectal cancer screening test. Starting in May 2009, this trial has been expanded to additional centers and is scheduled to enroll an additional 5000 patients over its 12-month duration.
OncoMethylome continues to develop several other diagnostics and personalized medicine tests. Good progress was made in Q1 2009 on all tests. Most notably, the company advanced its urine-based bladder cancer test which continues to demonstrate both sensitivity and specificity above 90%.
Current priorities for OncoMethylome include the selection of a commercial kit partner for OncoMethylome's colorectal cancer screening blood test. In addition, OncoMethylome is developing kits for some of its products for the European market.
Key non-audited financials, as of 31.03.2009
Amounts as at and for the three months ended
|
Euro thousands |
March 31, 2009 |
March 31, 2008 |
|
Revenues |
688 |
765 |
|
EBITDA Income (Loss) |
(2.868) |
(3.189) |
|
EBIT Operating Income (Loss) |
(3.095) |
(3.439) |
|
Net Profit (Loss) |
(2.936) |
(3.321) |
|
Cash and cash equivalents |
26.433 |
27.175 |
Revenues in Q1 2008 included a one-time up-front fee from the signature of a commercial deal, whereas the Q1 2009 figures include no such up-front or milestone fee. The net loss was reduced in Q1 2009 due to cost savings made in this period.
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About OncoMethylome Sciences
OncoMethylome Sciences (Euronext Brussels: ONCOB; Euronext Amsterdam: ONCOA) is a molecular diagnostics company developing gene methylation tests to assist physicians in effectively detecting and treating cancer. Specifically, the company's tests are designed to help the physician (i) accurately detect cancer in early stages of cancer development, (ii) predict a patient's response to drug therapy, and (iii) predict the likelihood of cancer recurrence.
OncoMethylome boasts a broad product development pipeline consisting of over ten products and a solid partnering record. The company collaborates with leading international molecular oncology research centers, such as The Johns Hopkins University, and has a number of commercial and collaborative partnerships with Veridex LLC, a Johnson & Johnson company, LabCorp, Schering-Plough Corp., GlaxoSmithKline Biologicals, Abbott, Millipore Corporation's BioScience Division, EXACT Sciences Corp., Merck KGaA and Qiagen. OncoMethylome's products are based on methylation technology invented by Johns Hopkins University (USA).
Established in January 2003, OncoMethylome has offices in Liege and Leuven (Belgium), in Durham, NC (USA), and in Amsterdam (the Netherlands).
For more information please contact:
Philip Devine
Tel. +32-479-505-885
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.
