19th Jun 2015 09:46
LONDON (Alliance News) - Premaitha Health PLC said Friday that it expects to post an operating loss of between GBP4.9 million to GBP5.3 million for the year to end-March, before accounting for costs associated to its reverse takeover and readmission to AIM.
The company was formed via a reverse takeover of Premaitha Health PLC by ViaLogy PLC in July of last year. ViaLogy had posted a net loss of GBP4.9 million for the year to end-March 2014.
Premaitha said it had hit the key milestones it promised at the time of the reverse takeover, launching its first CE marked non-invasive prenatal test in February, and securing contracts across Europe including launching the first test with the National Health Service in the UK.
Premaitha said its sales and marketing teams have been working to raise awareness of the test, named IONA, and is in talks with a number of strategic partners to advanced the roll-out of IONA.
Illumina Inc has lodged a patent infringement suit in the US against Premaitha regarding IONA, and Premaitha said that since it filed its defence and counterclaim in May there have been no significant developments in the process. It will make a GBP500,000 provision in its full year accounts to cover its defence of the claim.
The company expects to announce its final results in mid-September.
Shares in Premaitha are trading down 6.4% at 24.80 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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