11th Apr 2016 08:06
LONDON (Alliance News) - Premaitha Health PLC on Monday said revenue in the first full year of commercialisation for its IONA test was at the upper end of expectations.
Premaitha, which develops non-invasive prenatal screening tests for pregnant women, said revenue for the IONA test reached GBP2.5 million in the financial year ended March 31, with 75% of the sales generated in the second half from the signing of four contracts.
Premaitha launched the IONA test, its first product, in February 2015, reporting revenue of just GBP132,267 for financial year to March 2015.
Premaitha said it is expanding its commercial team to meet customer needs across the UK, Europe, Middle East, Asia and Latin America.
"We are very encouraged by sales in our first year of trading and particularly the growth momentum that we take into the new financial year. A broader international footprint opens up opportunities in territories with differing competitive, regulatory and intellectual property landscapes. Overall, the NIPT marketplace is developing in the way we anticipated and we believe Premaitha's ability to offer a complete CE-marked system represents a very significant opportunity," Chief Executive Stephen Little said in a statement.
Shares in Premaitha were trading up 1.3% at 9.50 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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