EQS-News

Epigenomics AG publishes financial results for fiscal year 2023

EQS-News: Epigenomics AG / Key word(s): Annual Results/Annual Report Epigenomics AG publishes financial results for fiscal year 2023 14.03.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. Epigenomics AG publishes financial results for fiscal year 2023

Berlin (Germany), March 14, 2024 – Epigenomics AG (FSE: ECX, the “Company”) today reported financial results (according to HGB) for fiscal year 2023.

OPERATIONAL DEVELOPMENTS

• Due to the lack of necessary financing for the further development of the Epi proColon “Next-Gen” test and the significantly deteriorated conditions for risk capital on the financial markets, Epigenomics initiated extensive restructuring measures in February 2023 to reduce cash consumption.
• In connection with the restructuring, CEO Greg Hamilton (effective June 30, 2023) and CSO Andrew Lukowiak, Ph.D. (effective May 31, 2023), resigned from their positions. In addition, the Chairman of the Supervisory Board Heino von Prondzynski stepped down from the Supervisory Board for health reasons on February 15, 2023.
• In July 2023, Epigenomics AG entered into an agreement with New Day Diagnostics LLC for the sale of substantially all of its assets, which was approved by the Extraordinary General Meeting in September 2023 and closed in October 2023.
• Following the sale, Epigenomics operates as a holding company and is dedicated to managing its own assets, acquiring, holding and selling investments in companies in Germany and abroad, particularly in the field of minimally invasive blood tests for cancer detection, as well as investing in other assets.
• The Company’s overall assessment of the fiscal year 2023 is positive, as an imminent threat to the Company's continued existence was averted, liquidity was generated and there is the opportunity to continue to benefit from the further commercialization of Epi proColon and the Epi proColon “Next-Gen” technology via New Day Diagnostics LLC. In addition to potential cash payments depending on certain milestones, especially potential earn-out payments until the expiration of the patent protection of the Epi proColon “Next-Gen” technology in 2043 offer financial opportunities for the future.
• Based on the measures taken, Epigenomics AG expects that the available financial resources will be sufficient until 2026. In addition, business opportunities arise from the activities as a holding company, particularly in the area of minimally invasive blood tests for cancer detection.