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UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th JUNE 2015

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30th JUNE 2015

HIGHLIGHTS

Commercial

  • Strong underlying growth in biomarker services
  • Services running at full capacity
  • Rapid increase in SysQuant® and TMT calibrator™ contracts in H1
  • Largest ever TMT® order Q2
  • Licensing discussions progressing for CK1d and MCI/AD o CK1d and SysQuant® / TMT calibrator™ showcased at AAIC

Financial

  • Revenue to 30th June £0.85m (2014: (£0.78m)
  • Licenses/Sales/Services revenue £0.75m (2014: £0.71m)
  • TMT® reagents sales increased 13%
  • 22% reduction in loss after tax £1.44m (2014: £1.84m)
  • Cash/cash receivables at 30th June (including placing proceeds) £2.86m (31 December 2014: £1.87m)

Outlook

  • Underlying biomarker services revenues for 2015 running close to double 2014
  • Excellent order book and pipeline into 2016
  • Randox set to launch first stroke test in Q4
  • Further CK1d and MCI/AD results expected
  • Extra Fusion mass spectrometry capacity on stream in Q4
  • TMT® offers the highest multiplexing levels available in the market 
  • On track for strong revenue growth in H2 2015 and into 2016 

Commenting on the results, Christopher Pearce, the Executive Chairman, said:

“The increased global focus on personalized medicine is forcing a re-evaluation of only using genomics approaches in drug development, clinical trials and for routine diagnosis and monitoring of disease. The importance of additionally analyzing protein changes is increasingly recognized and is driving the strong increases in the number and value of biomarker services contracts that we are signing. We fully expect this trend to continue and strengthen the growing pipeline of contracts into 2016.

Revenues from biomarker services for the full year are expected to be close to double 2014 levels. With our facilities currently running at full capacity, the additional mass spectrometry capacity coming on stream in Q4 will considerably increase future SysQuant® and TMTcalibrator™ production and should go a long way towards addressing the rising customer demand. The pipeline value of contracts under negotiation is improving month on month and is currently at the strongest position in the company’s history. This, when combined with the considerably improved contract conversion rate, provides us with the confidence that biomarker services revenues will show further strong growth in 2016.

We expect the launch of a first test for stroke based on our biomarkers by our licensee Randox later in the year which will trigger further milestone payments and raise the profile and value of our biomarker IP. We continue to receive strong interest for our CK1d inhibitors and the MCI/AD biomarker panel in Alzheimer’s disease. It is notoriously difficult to predict the timing of licensing deals however we remain focused and intent on monetizing our key assets to maximize shareholder value in the most timely way possible.

Biomarker services and TMT® continue to perform well and the company is on track with expectations to deliver significant revenue growth in the second half of 2015 and with that trend continuing in 2016.”

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