Cyprotex PLC Trading Update (0068X)
November 14 2014 - 2:00AM
UK Regulatory
TIDMCRX
RNS Number : 0068X
Cyprotex PLC
14 November 2014
Cyprotex
("Cyprotex" or "the Company")
Trading Update
14 November 2014 - Cyprotex PLC (AIM: CRX), a specialist
ADME-Tox Contract Research Organisation (CRO), today provides the
following trading update.
In the Company's interim results announcement of 28 August 2014,
Cyprotex announced revenues including acquisitions were up 19% to
GBP5.41 million for the first half of the year, with a reported
operating loss of GBP584,000 for the same period. At that time we
had commented on delays in development programs impacting the
Company's performance this year.
Since then the Company has experienced further unforeseen delays
with its development work which, coupled with lower than
anticipated demand for acquired services, will have an impact on
revenues and as a consequence, profitability. Following this, the
Company now expects revenues for the year ended 31 December 2014 to
be around GBP11.7 million with EBITDA just above break-even.
Commenting, Dr. Anthony Baxter said:
"Whilst we expect revenues to increase in 2014 by around 20% in
excess of 2013's revenues, the growth has not been as strong as
anticipated given the significant investments we have made this
year. This is because we have experienced unforeseen delays in
validating these complex new offerings. Most of these new
developments have now been validated and the new assays and
services have now been launched and we expect them to contribute
positively to growth in 2015. Revenues from the newly acquired
assets from the CeeTox acquisition have also been softer than
expected".
Cyprotex PLC Tel: +44 (0) 1625 505
100
Dr Anthony Baxter, Chief Executive Officer ir@cyprotex.com
John Dootson, Chief Financial Officer www.cyprotex.com
Mark Warburton, Chief Operating Officer
and Legal Counsel
N+1 Singer (Nomad and broker to Cyprotex) Tel: +44 (0)20 7496
3000
Shaun Dobson shaun.dobson@n1singer.com
Jen Boorer jennifer.boorer@n1singer.com
www.n1singer.com
About Cyprotex PLC
Cyprotex is listed on the AIM market of the London Stock
Exchange (CRX). It has sites in Macclesfield, near Manchester in
the UK, Watertown, MA and Kalamazoo, MI in the US. The Company was
established in 1999 and works with more than 1,000 partners within
the pharmaceutical and biotech industry, cosmetics and personal
care industry and the chemical industry. Cyprotex acquired Apredica
and the assets of Cellumen Inc. in August 2010 and the combined
business provides support for a wide range of experimental and
computational ADME-Tox and PK services, extending from early drug
discovery through to IND submission. The acquisition of the assets
and business of CeeTox in January 2014 has enabled Cyprotex to
expand its range of services to target the personal care, cosmetics
and chemical industries. The Company's core capabilities include
high quality in vitro ADME screening services, mechanistic
toxicology and high content toxicology screening services,
including our proprietary CellCiphr(R) toxicity prediction
technology, predictive modelling using PBPK and QSAR techniques,
including Cloe(R) PK for in vivo PK prediction, and a range of
skin, ocular and endocrine disruption services. For more
information, see www.cyprotex.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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