Celadon Pharmaceuticals Regulatory News (CEL)

23 Jul 2008 11:00



Wednesday 23 July 2008

CELSIS INTERNATIONAL PLC

("Celsis", "the Company" or "the Group")

Annual General Meeting and interim Management Statement

23 July 2008: Celsis International plc, the international life sciences products and laboratory services company, will today hold its Annual General Meeting and provide its Interim Management Statement. Dr Jack Rowell, Non-Executive Chairman of Celsis, will make the following comments:

"The year ended 31 March 2008 was another highly successful year for Celsis. We reported the sixth successive year of mid-teens profit growth, on the back of strong revenue growth, and fully integrated the In Vitro Technologies division into the Celsis Group. Revenues and profit before tax reached record levels last year increasing 18.2% to $56.1 million and 16.0% to $10.04 million respectively. We saw accelerating growth rates from our Rapid Detection and In Vitro Technologies products businesses during the year, with 61% of revenues from product sales and the remaining 39% from our Analytical and Drug Development services sales.  We anticipate that the proportion of our product sales will continue to increase in the years to come as these strong growth rates continue.

"As expected, our products businesses - Rapid Detection, which provides testing systems to more rapidly detect microbial contamination, and In Vitro Technologies, which helps accelerate drug development by providing in vitro testing products - have seen strong trading so far this fiscal year as both divisions continue their excellent performance trends.  We have seen strong instrument and consumable reagents sales from the Rapid Detection division so far this year, with the In Vitro Technologies division maintaining its substantial order book.

"The Celsis Analytical and Development Services businesses, which provide outsourced laboratory testing services, have seen a slow start in the first quarter but we see a strengthening order book in the coming months. We remain focused on expanding existing and generating new contracts for these businesses and remain confident in the underlying niche business Celsis has built in this large market segment. In addition, we continue to review all opportunities for ensuring the delivery of long-term shareholder value.

"The combined strength of the Group is encouraging and with particularly good progress from the Rapid Detection and In Vitro Technologies products divisions we are confident in continued strong revenue and profit growth overall for Celsis. In addition, we continue to review new acquisition opportunities to add to our portfolio of products and services offerings.

"I would like to conclude by thanking our new and existing shareholders for their continued support and confidence in Celsis and we look forward to providing long-term shareholder value for the future."

Notes to editors

Celsis International plc

Celsis International plc is a leading international provider of innovative life science products and laboratory services to the pharmaceutical and consumer products industries. Each Celsis division has the capacity to deliver substantial time and cost savings to its customers, in addition to ensuring product quality and safety for consumers. Celsis' extensive client base includes many of the world's leading pharmaceutical and consumer products companies. The Company is listed on the London Stock Exchange (CEL.L).

Celsis Rapid Detection division utilises proprietary enzyme technology to develop and supply diagnostic testing instruments and consumables for the rapid detection of microbial contamination in pharmaceutical and consumer products. These rapid testing systems provide significant economic value by reducing the time it takes to test and release raw materials, in process and finished goods to market. 

Celsis Analytical Services division provides cost effective outsourced laboratory testing services to pharmaceutical companies. Its comprehensive service offerings include a full spectrum of laboratory services from drug development and discovery to analytical chemistry and biological sciences to stability storage and testing. 

Celsis In Vitro Technologies (Celsis IVT) employs proprietary expertise in hepatocyte (liver cell) technology to supply in vitro testing products to the pharmaceutical industry. Celsis IVT's consumable testing products screen drug compounds for liver toxicity early in the drug discovery process, thereby reducing the time and cost of further development or trial on those compounds which will not be properly metabolised by the human liver. 

Further information can be found on its website at www.celsis.com.