CRX.L Regulatory News (CRX)

30 Dec 2005 07:00

Cyprotex PLC30 December 2005 Press Release 30 December 2005 Cyprotex Plc ("Cyprotex" or "the Company") Trading Update Cyprotex PLC (AIM: CRX), the drug discovery technology and information company,today announces a trading update for 2005. While the Company has been successful in reaching its objectives in 2005, including the establishment of a major contract with Sepracor and exceeding the Directors' expectations with respect to most of its growth targets, Cyprotex has experienced a deferment of approximately two months' revenue arising from the slower than expected initiation of the Sepracor contract it secured in August 2005. As a result, this revenue will now be recognised in 2006 and the Company now expects full year revenue for 2005 to be around £2.7 million compared with £2.1 million in 2004. Each of the six key objectives for the period, as identified in the Chairman'sstatement for 2004, were achieved. Business expansion, both in terms of numbersof clients and scale of collaborations, has met with Directors' expectations.Cyprotex now has key customer relationships in the three global territorieswhere opportunities for high-throughput pharmacokinetic profiling areconcentrated and continues its planned expansion. Based on order backlog, the Directors expect 2006 to start strongly. TheCompany's new laboratory expansion completed in 2005, together with the adoptionof new technologies and products, is expected to accommodate such demands andbuild upon Cyprotex's reputation with its customers for innovation and'best-in-class' quality of service. The major contract with Sepracor demonstrates the technical benefits ofinternational partnering with Cyprotex. This working relationship is nowproviding significant forward visibility for both parties, which Cyprotex nowhopes to replicate through a major new signing presently being completed inJapan. Commenting on the trading update, Robert Morrisson Atwater, Chief ExecutiveOfficer of Cyprotex PLC, said: "This delay in revenues from the Sepracorcontract, although impacting on 2005, gives further visibility to revenues in2006. Cyprotex looks forward to continued growth in the coming year." - Ends - For further information: Cyprotex PLCRobert Morrisson Atwater, Tel: +44 (0) 1625 505 152Chairman & Chief Executive Officerir@cyprotex.com www.cyprotex.com Code SecuritiesCharles Walker Tel: +44 (0) 20 7776 1200cew@codesecurities.com www.codesecurities.com Media enquiries:Abchurch CommunicationsHeather Salmond / Chris Lane Tel: +44 (0) 20 7398 7700chris.lane@abchurch-group.com www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange