LONDON (Alliance News) - Personalised medicine and biotechnology company Epistem Holdings PLC posted a wider pretax loss for the year to the end of June, as revenue fell amid a challenging year for its services business.
The company's pretax loss for the year was GBP3.4 million, compared to a GBP2.3 million loss a year earlier. Revenue declined to GBP3.7 million from GBP4.5 million, while its other income fell to GBP814,000 from GBP1.3 million, leaving its total revenue for the year down to GBP4.5 million from GBP5.8 million.
Epistem said the decline in revenue was down to weaker demand for its personalised medicine and pre-clinical research services, particularly in the UK and Europe. The group is focused on its GeneDrive point-of-care device, which it said will drive its revenue growth in the future.
Shares in Epistem were down 6.5% to 145.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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