2008 operational highlights:
• Net results significantly better than analyst/market expectations.
• Increased revenues by 15% as a result of new products and new collaborations with pharmaceutical companies.
• Operating cash burn reduced by 18%.
• Ended the year with over EUR 30 million in cash and no financial debt.
• 3 products incorporating OncoMethylome's technology were commercially launched on the market in North America and started to generate revenues for the company:
o GSTPi-APC Promoter Methylation test, to improve early detection of prostate cancer
o MGMT Methylation test, for personalized treatment of advanced brain cancer patients
o ColoSure, for colorectal cancer screening.
• Published in New England Journal of Medicine results of a new promising test capable of predicting cancer recurrence in early-stage lung cancer patients. There is a large unmet medical need to better treat these patients.
• Published results of on-going clinical trials for the company's urine-based test for early detection of bladder cancer. The sensitivity/specificity of over 90% is higher than any other non-invasive test on the market.
• Enrolled 2,000 additional patients in the company's clinical trials for stool and blood-based colorectal cancer tests.
• Continued to make excellent progress with all the other products in the development pipeline (prostate cancer urine test, cervical cancer test, lung cancer test, and a breast cancer test) and with the various on-going pharmacogenomic partnerships (such as GlaxoSmithKline Biologicals, Abbott, and Schering-Plough) to identify methylation biomarkers that can predict a patient's response to therapy.
• Signed new commercial deals with Qiagen NV and Laboratory Corporation of America (LabCorp) for various technologies and products.
• Signed new collaboration agreements with various pharmaceutical companies, such as with Merck KGaA to develop OncoMethylome's MGMT Methylation assay as a companion diagnostic for their new oncology drug.
• Raised over EUR 8 million in equity funding with new international institutional investors.
