OncoMethylome's 1st half loss climbs 55%

Belgium's OncoMethylome Sciences, a molecular diagnostics company, says that, for the six months ended June 30, 2007, it recorded a net loss of 5.1 million euros ($7.2 million), a 54.5% increase on the deficit it saw in the first half of 2006. This was primarily due to an increase in R&D expenditure, up 52.9% to 5.2 million euros, and despite a 22% hike in revenues to 1.1 million euros.

Overall however, OncoMethylome remained upbeat, citing the development of three new diagnostic test prototypes, for colorectal, bladder and prostate cancers, as validation of its R&D efforts. The firm, which also completed the expansion of its laboratory facilities in the reported period, said that it had successfully filed several new patents on newly-identified methylation markers and detection techniques it has developed.

For the full year, the Leige-headquartered company said that it expects revenue of between 2.0 million euros and 3.0 million euros. The firm cautioned that, as a result of milestone payments from commercial partnerships, turnover may by subject to period-to-period variation.