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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