DURHAM, NC, and LIEGE, BELGIUM - May 6, 2010, 8:00 CET - OncoMethylome Sciences (Euronext Brussels: ONCOB; Euronext Amsterdam: ONCOA), a leading molecular diagnostics company in the field of cancer and pharmacogenomics, today issued its Q1 2010 business update, providing an overview of financial results and business highlights.
Q1 2010 highlights
. Improved its operating result (EBIT) by 23%, operating cash flows by 54%, and overall cash flows by 53% compared to Q1 2009
. Entered into an agreement to provide Roche with MGMT methylation testing services for Avastin® clinical trials
. Further validated products and focused R&D development on 3 cancer areas and on pharmacogenomics

Appointed Dr. Jan Groen as the new CEO of the company
At the end of 2009, OncoMethylome started implementing a focused development effort concentrating on 3 diagnostic areas (colorectal, bladder, and prostate cancers) and on pharmacogenomics. This focus is starting to yield encouraging results, and has allowed the company to reduce its cash burn and improve its overall financial position. In Q1 2010, the operating result was improved by 23% and operating cash flows were improved by 54% compared to the same period a year earlier.

Roche has now joined several other large pharmaceutical companies such as Merck Serono and Schering-Plough in using the OncoMethylome MGMT test in clinical trials and as a potential companion diagnostic test to predict patient response to these companies' leading cancer drugs.

"In the first quarter of 2010, OncoMethylome has quickly executed on significant changes in its operations to improve its R&D output, product validation and its financial results. The first results of our change program that will continue throughout 2010 are very encouraging," said Dr. Jan Groen, Chief Executive Officer of OncoMethylome.

Key non-audited financials, as of 31.03.2010
Amounts as at and for the three months ended
Euro thousands March 31, 2010 March 31, 2009
Revenues 634 688
EBITDA Income (Loss) (2.305) (2.868)
EBIT Operating Income (Loss) (2.374) (3.095)
Net Profit (Loss) (2.396) (2.936)
Cash and cash equivalents 16.053 26.433
Revenues in Q1 2010 decreased slightly compared to Q1 2009 due to a reduction in grant revenue that was largely offset by increased commercial revenues. The operating result (EBIT) improved by 23% in Q1 2010 as a result of a 21% decrease in operating costs. The decrease in operating costs was achieved through a cost-cutting and focus effort launched at the end of 2009.

The cash balance on hand at the end of March 2010 decreased compared to March 2009 due mainly to the cash consumed in the full year 2009. The operating cash flow improved by 54% in Q1 2010 compared to the same quarter last year as a result of cost reductions and improvements in the working capital balances.

About OncoMethylome Sciences
OncoMethylome Sciences is a leading molecular diagnostics company that commercializes and develops cancer-screening tests to assist physicians in detecting and treating cancer early. The company's tests are based on proprietary gene methylation technology invented at Johns Hopkins University and are designed to help the physician accurately detect early stages of cancer development, predict a patient's response to drug therapy, and predict the likelihood of cancer recurrence. OncoMethylome Sciences collaborates with leading cancer research centers, such as Johns Hopkins, in Baltimore, MD, and has a number of commercial and collaborative partnerships with LabCorp, Schering-Plough, GlaxoSmithKline Biologicals, Roche, Millipore Corporation's BioScience Division, Merck Serono and Qiagen.