25 May 2012

Cyprotex sees revenue gains

12/01/2012 Robert Tyerman

Drug discovery technologist Cyprotex (CRX) says it expects to report a 30 per cent 2011 revenue increase despite losing its biggest customer.

The Macclesfield-based company indicates its new 'genomic ADME' service, analysing the absorption, distribution, metabolism and excretion impact of drug compounds, has achieved an encouraging customer uptake since October's launch, as have its 'Cellciphr' high content toxicology assays.

Chief executive Tony Baxter declares AIM-quoted Cyprotex's 'investment in research and development has resulted in high customer acceptance and financial success.' The company, which lifted net profits 34 per cent to £617,000 - after a £415,000 tax credit - in 2010, saw profits crumble from £50,500 to a mere £658 in the first half of last year, reflecting the key customer loss, but says the second half brought a strong performance, as dependence on its single largest customer fell to 11 per cent of revenues, against 35 per cent in 2008, and other existing customers and new ones took up the slack.

Cyprotex has expanded its sales team internationally and says it expects to finish a major expansion of its US facilities at Watertown in Massachussetts in the first quarter of this year. Floated on AIM at 29p 10 years ago and highlighted by Growth Company Investor at a depressed 3.25p last October, the shares now trade at 4p, valuing the company at £9 million.

Hold on.

Tags: 'Cellciphr', ADME service, AIM market, Drug discovery, Tony Baxter, US expansion

Sector: Pharmaceuticals & Biotechnology

Companies: Cyprotex

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