IONA test pioneer Premaitha on road to profitability
Manchester-based biotech company Premaitha Health – a pioneer in the development of the IONA non-invasive prenatal test for Downs Syndrome in unborn children – has made significant progress towards long-term profitability.
The listed company whose IONA test is slowly going global has seen its full-year revenue grow 26% to £3.1m in the year to March 31 (2015: £2.5m).
Nevertheless, litigation instigated by US company Illumina over an alleged patent infringement continues to be a thorn in the company’s side.
Gross profit climbed 83% to £1.3m from £700,000, although its administrative expenses went up 8% to £7.1m.
Its operating loss reduced 7% to £7.6m. However, post-period end in July, the company secured a $5m loan from Thermo Fisher.
Meanwhile, the completed the acquisition of Yourgene in March, a significant provider of non invasive prenatal testing in Asia.
Six-month revenues to September 2017 are also expected to be up 75% to £2.6m.
Premaitha’s non-executive chairman Adam Reynolds said: “I am delighted with the commercial progress made by Premaitha in the last financial year. This is reflected in both growing revenues and increasing test volumes.
“The company is also making significant strides in its geographic and product diversification strategy which we believe will ensure that, whatever the outcome of the UK intellectual property disputes,
“Premaitha is developing a business that will succeed in what will inevitably become a huge global market for non-invasive prenatal testing.
“While the UK litigation remains a distraction, Premaitha’s strong technology, growing international commercial footprint, support from Thermo Fisher and dedicated global team, place us extremely well for continued growth.
“In the current financial year the company has already delivered some record sales months and has already almost exceeded the total test volumes for the whole of the previous financial year.”
