Osmetech plc (Osmetech), a molecular diagnostics company, has reported preliminary revenues of GBP0.35 million for the full year 2008, up 108%, compared with the preliminary revenue of GBP0.16 million in the previous year. It has also reported preliminary net loss of GBP15.5 million, or 6.93 pence per share, for the full year 2008, compared with the preliminary net loss of GBP12 million, or 1.96 pence per share, in the previous year.
Highlights
FDA clearance and launch of second generation instrument platform, eSensor XT-8, with Warfarin sensitivity test
CYP4F2 biomarker provides unique position in rapidly developing Warfarin testing market
Installed base of instruments growing and excellent customer feedback received on operational performance
US distribution agreement with Fisher Healthcare will accelerate revenue growth
Strong pipeline of tests to expand product menu in 2009
Development and supply agreement with QIAGEN for QIAplex-based respiratory viral molecular test
December 2008 share placing raises GBP6.9 million before expenses; rationalization program implemented to reduce cost base
Sufficient funding to support the business until July 2009
Strategic options and further funding alternatives under review
James White, chief executive, Osmetech plc, said:
“With FDA 510k clearance for our eSensor XT-8 platform achieved in 2008 and excellent product performance in the field, our focus is now on growing revenues by increasing our installed base of instruments and expanding our menu of tests.
“The commercial roll out of our platform continues to gather pace with a growing number of hospitals now using our platform. We have a strong pipeline of customer leads and we expect to accelerate market penetration through the considerable sales and marketing muscle of our newly appointed U.S. distributor, Fisher Healthcare.
“We are also broadening our test menu and are now able to offer Cystic Fibrosis, Warfarin and 2C9 tests with additional tests planned for later in 2009, including a Respiratory Pathogen Test Panel and Factor II, Factor V and MTHFR Tests. All of these tests will run on our eSensor XT-8 platform and will improve both patient care and the profitability of our customers’ laboratories.”