Turnover leap for Cyprotex

Macclesfield-based biotech company Cyprotex is reporting a 28% increase in revenue to £6.93m.

Its interim results for the half year to June 30 has seen turnover jump from £5.41m for the same period last year, while a £580,000 loss in 2014 has been converted into a £360,000 profit.

Cyprotex’s underlying EBITDA also rose to £1.1m (H1 2014: £40,000).

The AIM-listed company says its investment plan for its sites, including Macclesfield, Watertown in Massachusetts and Kalamazoo, Michigan in the US, which commenced in early 2014 and completed in early 2015 is now bearing fruit and has contributed significantly to the revenue growth seen in H1.

Investment in a new drug transporter facility for the support of full drug-drug interaction studies for regulatory submission at its UK sites has been highly successful in revenue generation.

There has also been successful relocation of its existing toxicology facility to a second UK site at the BioHub, Alderley Park.

Validation of a replica screening platform at Cyprotex’s Watertown site has also been completed and the platform is now supporting large scale screening contracts for the US Government.

Investment in upgrading the toxicology assays at its Kalamazoo site (formerly CeeTox) to bring them fully into regulatory compliance has been completed and these assays, along with our proprietary SenCeeTox skin sensitiszation assays have been well received by existing and new customers.

And website upgrades including a new blog page have contributed to a noticeable improvement in the global recognition of the Cyprotex brand.

Cyprotex chairman Ian Johnson said:  “I am pleased to report a significant increase in first half revenues, which in large part is the result of the significant investment made in 2014 in widening and deepening our ADME and Toxicity testing services on all four of our global sites.

“The investment programme resulted in the generation of an operational loss for 2014, however, as anticipated the company has rapidly returned to operational profitability in the first half of the year and the board remain confident that trading for the year is in line with expectations and that this improvement in financial performance will be sustained in the second half of 2015 as we consolidate our new and improved service offerings.”