20th Jan 2015 09:56
LONDON (Alliance News) - Pharmaceuticals services and drug development company Ergomed PLC Tuesday said it won a further GBP15.6 million worth of contracts in the second half of 2014, driven by strong demand across all of its divisions, and it expects its pro-forma revenue for the year as a whole, including its PrimeVigilance acquisition, to meet its hopes at about GBP22 million, up from GBP19.2 million in 2013.
The company, which listed on London's AIM market in July last year, said it won a total of GBP26.8 million worth of contracts in 2014, after it signed contracts worth GBP11.2 million in the first half of the year. It said it had won business from new and retained clients.
"With a significant proportion of revenue already secured for 2015 and a promising late stage co-development pipeline, Ergomed is well placed to continue to grow and develop its strategy... and I look forward to 2015 and beyond with confidence," said Chief Exeucitve Miroslav Reljanovic in a statement.
Reljanovic said the company is in "active discussions" with a number of co-development partners and expects to announce new partnerships later this year, adding that it is also reviewing potential strategic acquisition targets from the services sector as part of its global expansion.
Ergomed said the 2014 contract wins include several multi-million pound full service Phase II and Phase III studies, full service pharmacovigilance services to late stage biotech and pharma companies and a new co-development deal with Spanish drugmaker Ferrer.
"The majority of these contracts are already in process and are scheduled to be completed over the next few years. Ergomed ended 2014 with a total backlog of contracted work from all its business segments with a value to be invoiced in the future of approximately GBP60 million," the company said in a statement.
The company said it will release its full year results at the end of March.
Ergomed shares were up 6.5% at 165 pence Tuesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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