IONA Test nets pioneering biotech firm £2.5m

THE ground-breaking non-invasive prenatal test IONA developed by AIM-listed Premaitha Health has netted the company £2.5m in its first year of commercialisation.

The Manchester-based biotech specialist said the income from IONA in its first year was at the upper end of revenue expectations.

CE-marked IONA detects Downs Syndrome and other genetic disorders in unborn babies using blood samples.

Some 75% of sales were generated in the second half of the financial year ended March 31.

The revenues arose from four contracts as well as a broadening portfolio of smaller customers using the company’s service laboratory.

A further six laboratory customers are in the installation phase and are expected to start contributing to sales during the first few months of the new financial year. Cash at March 31 was £5.4m.

Premaitha said the geographic spread of customers across the UK, Europe, Middle East, Asia and Latin America also demonstrateD the global potential of the IONA test and its international competitiveness.

To capitalise on the opportunities, Premaitha is expanding its commercial team and has recently hired senior sales representatives based in Asia Pacific and Europe.  
 
Premaitha chief executive Dr Stephen Little said: “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.”