Sales soar at Epistem
The boss of a Manchester biotechnology firm today hailed a bright future for the company despite losses widening in a tough market.
David Evans, chairman of Epistem, said the group is poised to become a leader in its field of epithelial stem cell regulation.
In the 12 months to June 30, revenue at the group was up 52% to £2.1m, while losses increased from £1m to £1m.
Epistem tests drugs under development by pharmaceutical firms for cancer, gastrointestinal illnesses such as Crohn’s and skin diseases. It is also tests drugs on behalf of the US government for treating people in the aftermath of a radioactive attack.
It has two other divisions – novel therapies and biomarkers. These focus on research and development, and analyse cell behaviour and how they react to drugs. Epistem has high hopes for the divisions, and anticipates rapid growth and a number of partnership deals over the coming months.
Mr Evans said: “Despite difficult market conditions, the outlook for Epistem is increasingly positive. The game changing piece has now become our novel therapies discovery and development programme.
“We anticipate partnering our programme over the short to medium term. This will position Epistem as a therapeutic discovery leader in the field of epithelial stem cell regulation and will lift the value, opportunity and awareness of the company to a new level.”
The company was founded by stem cell research experts Professor Chris Potten and Dr Catherine Booth and was spun-out out of the Paterson Institute at the Christie Hospital.
Last year it raised £1.1m through an equity placing, and has cash reserves of £2.1m.
