LONDON (Alliance News) - Epistem Holdings PLC Monday said a proposal tabled for a radiation and nuclear medical countermeasure product development support services contract on which it was acting as a sub-contractor has not been successful.
Epistem said the proposal, tabled by the University of Maryland Baltimore, has not been awarded a contract by the National Institutes of Health and the National Institute of Allergy and Infectious Diseases in the US.
Epistem's Preclinical Research Services business is a sub-contractor on the proposal and has traditionally made GBP1 million in annual revenue from the contract.
"Whilst we are yet to receive formal notice from UMB as a sub-contractor to this award we have recently learned that UMB's proposal was not successful. We do not expect this decision to affect our current year market guidance to June 2015 as we will be continuing to work under the existing NIH-NIAID/UMB contract through to the end of calendar 2015," said Epistem Chief Executive Matthew Walls.
"We anticipate further developments in the MCM programme which we will report in due course. We are currently preparing for our first Genedrive unit and assay sales into India and our personalized medicine division offers numerous high growth opportunities ahead," Walls added.
Epistem shares were down 8.7% to 290.00 pence after the news.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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