Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Expanding Cyprotex lines up deals
Contract drug researcher Cyprotex (CRX) hopes to enter a major new area after lifting first-half revenues 43 per cent to £3.53 million. That is the message from chief executive officer Dr. Anthony Baxter, who describes the growth in the six months to June as a 'huge vindication' of the AIM-quoted company's £2.7 million shares-and-cash takeover last year of US toxicology specialist Apredica and other toxicology moves costing £500,000, although they have yet to benefit the bottom line.
In fact, Macclesfield-based Cyprotex, already a world leader in 'ADME', pre-clinical absorption, metabolism and excretion, saw first-half pre-tax profits drop from £50,500 to a barely visible £658, as costs associated with this expansion increased and the company lost its biggest single customer, which was taken over by another group. Baxter suggests 2012 should bring the profits pay-off on the Apredica and other deals, which have brought Cyprotex face to face with the big pharmaceutical groups as customers for its 'proprietary and unique' toxicology assays for their developing products.
He says 'a new area is coming up, as big as toxicology' as 'the next big thing' for the company, whose cash fell from £1 million to £535,000 betwen December and June, though he will not say more at this stage. Baxter, who argues current price-cutting competition in the sector should ease as weaker brehren go the wall, is clear Cyprotex would look at new acquisition opportunities, as long as they are 'small, profitable or near profitability and preferably on the West Coast of the USA or in Europe'.
However strongly vindicated, Cyprotex is still far from a stockmarket darling. Floated at 29p nine years ago, the shares, which have traded between 6.38p and 3.5p over the past year, now change hands at 3.88p, up 0.13p this morning, valuing the company at £8.7 million, and offering speculative recovery potential.
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