24th Jan 2011 07:00
24th January 2011 Source BioScience plc Pre-close trading update
Source BioScience plc , the international diagnostic and genetic analysis business serving the healthcare and research markets, announces the following pre-close trading update ahead of its results for the year ended 31 December 2010.
Dr Nick Ash, CEO said: "Further to the Interim Management Statement made on 16 November 2010, the Company confirms a solid trading performance during November and December 2010 and, as a result, the Directors expect to report full year 2010 results to be in line with market expectations.
"Both our LifeSciences and PharmaBiotech divisions demonstrated double digit organic sales growth during 2010 and our Healthcare division repeated the very strong performance it delivered in 2009. The launch of our new LifeSciences website was an important step in supporting and promoting growth in the market and is delivering tangible benefits and commercial advantage. In December, Source BioScience won a competitive bid to provide Research Councils UK with conventional sequencing services, with revenues expected to exceed £0.5 million per annum. This was an important win since it underlines Source BioScience's international superiority in the field of sequencing and it is important validation for the Company.
"The integration of the imaGenes business is progressing well. A number of commercial initiatives to penetrate the German life sciences market rapidly are being progressed, including the planned installation of a HiSeq 2000 high throughput next generation sequencing platform in our facilities in Berlin.
"During the past 12 months, the Company has invested significantly in next generation sequencing capability including the purchase and commissioning of the first HiSeq 2000 platform in the UK. This investment is proving a real success and revenue during 2010 was in excess of £1 million for this cutting edge technology, more than double what was achieved in the previous year.
"Most recently, we have renewed our agreement with Becton Dickinson for the distribution of liquid based cytology (`LBC') and FocalPoint automated imaging platforms in the UK and Ireland which underpin our Healthcare cervical cancer screening business. The Company provides support to the NHS Cervical Cancer Screening Programme across the UK and our products and services are utilised in nearly half of the 3.5 million women screened in England and Wales each year. This contract brings in revenues exceeding £5 million per annum.
"We are pleased with the progress that the Company is making and our ongoing investment and acquisition programme reflect our continued confidence in the prospects for Source BioScience."
The Company plans to report its preliminary results for the year ended 31 December 2010 in the week commencing 21 March 2011.
--- ENDS --- For further information:Source BioScience plcDr Nick AshChief Executive OfficerTel: +44 (0)115 973 [email protected]
For investor and media enquiries:
Singer Capital Markets (Financial Advisor and Broker)
Shaun Dobson/Claes SpangTel: +44 (0)203 205 7500www.singercm.comCollege Hill (PR Agency)
Melanie Toyne Sewell/ Dimithri Wignarajah
Tel: +44 (0)207 457 2020
Notes to Editors:
Source BioScience
Source BioScience plc is an international diagnostic and genetic analysis business serving the healthcare and research markets.
Its Healthcare operations provide screening and reference laboratory diagnostic testing for cancer and other diseases and additional predictive testing for treatment optimisation for clinicians and patients. The PharmaBiotech division offers support for early stage therapeutic development, offering a 'one-stop shop' from tissue pathology, immunohistochemistry, sophisticated image analysis, biomarker determination and assay development to pharmacogenomics including genotyping and gene expression analysis. The LifeSciences division provides core laboratory research support from conceptualisation to implementation, calling upon a wide range of cutting-edge technology platforms including an online catalogue of biomolecular tools. This incorporates next generation sequencing, conventional sequencing, microarray analysis and whole genome amplification in addition to a comprehensive library of genomic reagents and clones including cDNA and RNAi, as well as facilitating rapid access to high quality antibodies, cell cultures, diagnostic assays for cancer and other genetic testing, and related research tools.
The Group has its headquarters in Nottingham, UK where it operates state of the art reference laboratory facilities, with additional UK laboratory facilities in London, Cambridge and Oxford and European facilities in Berlin and Dublin. Source BioScience is CPA, GLP and GCP accredited and is licensed by the Human Tissue Authority.
Further information about Source BioScience can be found at www.sourcebioscience.com
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