Strong half year revenues reported by prenatal testing group

Manchester biotech company Premaitha Health reported strong sales in the six months to September 30, today.

The AIM-listed firm, which provides non-invasive prenatal testing, issued a half year trading update ahead of its annual general meeting on October 25, and the release of its interim figures on, or before, December 3.

Today’s statement said first half revenues were approximately £3.9m, which was an increase of 45% on the corresponding period last year.

It said it has also made a strong start to the second half of the financial year.

Last month Premaitha announced it had settled a costly three-year legal battle with US rival Illumina.

On October 1, the company announced it had raised £3m through a placing of new shares which it said will be used to finance the legal settlement, and for general working capital requirements.

Today’s update stated: “The company is pleased to note that all required legal settlement actions relating to the patent infringement court proceedings have now been completed.”

Chief executive Lyn Rees said: “I am pleased to report strong sales growth in the first half of the financial year and that this momentum has continued into the second half.

“With the intellectual property litigation now behind us, the company is focused on capitalising on its global opportunity and driving growth.

“We look forward to updating shareholders further on the business at our forthcoming annual general meeting.”

Premaitha uses the latest advances in DNA analysis technology to develop safer, faster and regulatory-approved genetic screening tests.

The group’s current primary focus is on non-invasive prenatal tests (NIPT) for pregnant women – an emerging, multi-billion dollar global market – although the group intends to expand its product range into other areas of clinical genetics.

Premaitha’s first product, the IONA® test was launched in 2015 and can estimate the risk of a foetus being affected with Down’s syndrome or other genetic conditions.

Unlike existing prenatal screening methods, due to its high level of accuracy, the IONA® test can significantly reduce the number of women subjected to unnecessary invasive follow up diagnostic procedures, such as amniocentesis, which are costly, resource intensive and carry a risk of miscarriage.