Epistem reports progress despite flat trading
EPISTEM reported a flat set of trading figures for the year to June 30 but argued that the period had been a success as it strengthened the development of a number of major programmes.
The Manchester-based biotechnology and personalised medicine company’s sales and pre-tax profits were largely flat at £5.8m and £357,000 respectively.
However, its net funds by year end had reduced to £3.6m (£5.4m) due to its investment in key areas such as Genedrive and its Novel Therapies regenerative medicine and oncology programmes.
The company said that growth in its contract research division had grown by around 19% to £3m and had extended its range of services.
Its personalised medicine division also grew revenues by 39% to £1.1m, largely due to the announcement in March of a three-year oncology biomarker collaboration deal with drugs giant Sanofi-Aventis.
The division also formally began trials of its Genedrive device with a number of interested organisations including medical health organisations in India using it to identify potential tuberculosis infections – particularly in remote areas – and a trial by the National Policing Improvement Agency to develop a DNA identification system.
Chairman David Evans said that the company’s other division, Novel Therapies, “continues to advance”. Although revenues dropped to £1.6m (2010; £2.4m) as the funded part of a collaboration with Novartis ended, he said “collaborative discussions are also being progressed with other potential partners” about licensing its technology, but dates around future development funding remain difficult to predict.
“Despite the challenging market conditions, each division continues to strengthen its technology and expertise,” said Evans.
“With the profile and visibility of each of our business divisions increasing, we expect to see the company further strengthen its financial performance over the coming year.”
