OncoMethylome Sciences (EBR:ONCOB) Issues Second Business Update For 2008

OncoMethylome Sciences (EBR:ONCOB) Liege (Belgium) - November 6, 2008, 08.00 CET - OncoMethylome Sciences (Euronext Brussels: ONCOB, Euronext Amsterdam: ONCOA), an innovative molecular diagnostics company, today issued its Q3 2008 business update, providing an overview of its financial position and summarizing material events that took place during this period.

Q3 2008 material events

* Launch of colorectal cancer screening test (ColoSure) by LabCorp in North America * Enrollment of first 1300 patients for the blood-based colorectal cancer clinical trial * Significant advances in the research and development of several diagnostic products * Expansion of team in certain key functions

OncoMethylome's commercial partner LabCorp, launched ColoSureTM, a stool-based testing service for colorectal cancer screening on the North American market. This test uses the OncoMethylome methylation technology. OncoMethylome supplies LabCorp with reagents for providing this testing service. This is the second testing service containing OncoMethylome's components or technology to be launched in 2008. An assay for sensitive and accurate detection of prostate cancer has been available in North America since Q2 2008.

OncoMethylome continues to develop 2 other tests for colon cancer screening. One test is based on stool and the other is based on blood samples. OncoMethylome is conducting a multi-center international clinical trial to validate these new tests and in Q3 2008 enrolled its first 1300 patients at 13 different sites in this new clinical trial.

OncoMethylome hired several experienced new people in Q3, including people for new positions such as a Medical Officer, a Product Marketing Manager, a Kit Production Manager and several other key people with many years of industry experience.

Current priorities for OncoMethylome include the selection of a North American commercial partner for OncoMethylome's colorectal cancer screening blood test. In addition, OncoMethylome is proactively evaluating its options for distributing its products on the European market.

Key non-audited financials, as of 30.09.2008

Amounts as at and for the three months ended

+---------------------------------------------------------------+ | Euro thousands | Sept. 30, 2008 | Sept 30, 2007 | |------------------------------+----------------+---------------| | Revenues | 758 | 641 | |------------------------------+----------------+---------------| | EBITDA Income (Loss) | (2.079) | (2.411) | |------------------------------+----------------+---------------| | EBIT Operating Income (Loss) | (2.330) | (2.571) | |------------------------------+----------------+---------------| | Net Profit (Loss) | (2.065) | (2.362) | |------------------------------+----------------+---------------| | Cash and cash equivalents | 23.999 | 24.785 | +---------------------------------------------------------------+

Amounts as at and for the nine months ended

+---------------------------------------------------------------+ | Euro thousands | Sept. 30, 2008 | Sept 30, 2007 | |------------------------------+----------------+---------------| | Revenues | 2.279 | 1.764 | |------------------------------+----------------+---------------| | EBITDA Income (Loss) | (7.800) | (7.748) | |------------------------------+----------------+---------------| | EBIT Operating Income (Loss) | (8.548) | (8.178) | |------------------------------+----------------+---------------| | Net Profit (Loss) | (7.765) | (7.458) | |------------------------------+----------------+---------------| | Cash and cash equivalents | 23.999 | 24.785 | +---------------------------------------------------------------+

To download this press release as a PDF, click here: Press Release

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 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, Merck KGaA, and Millipore Corporation's BioScience Division. 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 ir@oncomethylome.com www.oncomethylome.com

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.

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



LINK: http://hugin.info/137314/R/1266797/279259.pdf

OncoMethylome Sciences

http://www.oncomethylome.com

ISIN: BE0003844611

Stock Identifier: XBRU.ONCOA