4 Jun 2009 07:00
4 June 2009 Source BioScience plc ("Source BioScience", the "Company" or the "Group") ANNUAL GENERAL MEETING STATEMENT
Laurie Turnbull, Chairman of Source BioScience, will be making the following comments about current trading at the 2009 Annual General Meeting to be held today at 10.30am:
"In the twelve months since the last AGM, Source BioScience has seen further significant, positive changes, with the expansion in the operations of the Group, the acquisition of new technologies and access to new markets. The acquisition of Autogen Bioclear, in March last year, was a key addition to our operations and we are now realising the commercial opportunities generated by the enhanced product portfolio and extended customer base.
"The recently issued Interim Management Statement reported a 14% increase in revenues for Q1 2009, compared with the same period last year and highlighted the strong balance sheet and cash position of the Group.
"We also reported that across the Group revenues have been in line with expectations, with a number of the service offerings on our new technology platforms performing very well, and we are pleased to report that this strong performance has continued throughout the year to date.
Healthcare
"The Healthcare division continues to offer growth opportunities, especially for our Cytology business, where the introduction of automated cervical cancer screening in the UK represents a significant opportunity for the expansion of our FocalPoint automated cytology screening offering to the NHS.
"As a result of increasing demand for automated cytology, the Company has acquired a further two FocalPoint automated imaging platforms, doubling our capacity for this technology.
"Within Diagnostic Pathology, our aim is not only to expand the range of diagnostic tests we provide but also to extend the penetration of our molecular diagnostic offering into the NHS. Our portfolio in this regard is already comprehensive and we continue to explore opportunities and develop clinical applications to expand our offering further. This expansion is a key element in our growth strategy.
Pharma Biotech Services
"The combination of our established pathology expertise and our biomaterials resource of human tissue, DNA and RNA libraries represent a powerful offering to the pharma biotech community. Demand for our pharmacogenomic and genotyping services continues to increase and we have the facilities and skills to grow in this important, rapidly expanding sector.
"We are working in collaboration with a number of technology providers, and end users, to develop robust laboratory diagnostic services that can be migrated from an academic and research environment into a clinical and healthcare environment. This ability to innovate and demonstrate clinical utility is an important component of our offering to pharma biotech companies in support of therapy development and companion diagnostics.
Life Science Research
"With the rapid development of technologies in this sector we recognise the need to stay at the forefront of genomic services. During 2008 we invested significantly in the commercial and operational infrastructure supporting our Life Science Research activities. As a result of this investment, and exploitation of cross-selling opportunities, we have seen an increased demand for DNA sequencing service across all four of our laboratories and our new facility at University College London has enabled us to increase our penetration of the important London life sciences market.
Outlook
"The results for the year ended 31 December 2008, and the strong performance for the current financial year to date, demonstrate the continued momentum across all the divisions. We believe the growth opportunities across the Group remain strong, and we will continue to drive value from the unique potential that exists for the Group where the expertise in each of our divisions interact and complement each other.
"Our excellent reputation for quality, enhanced by the extension of our CPA accreditation to include molecular genetics in addition to our other existing CPA-accredited services, along with our high levels of customer service, strong market position and excellent customer base, place Source BioScience in a strong position to achieve our next stated objective of profitability for the Group.
"We look forward to updating shareholders further following the release of our interim results for the six months ended 30 June 2009."
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For further information, please contact:
Source BioScience plcNick AshManaging DirectorTel: 0115 973 9010www.sourcebioscience.comCharles Stanley SecuritiesMark Taylor/Ben JohnstonTel: 020 7149 6000Bishopsgate Communications LtdNick Rome/Gemma O'HaraTel: 0207 562 3350www.bishopsgatecommunications.com
About Source BioScience
Source BioScience plc is a highly focused healthcare and biotechnology company offering expert, quality services and products to the healthcare, pharma biotech and life science research sectors. Its Healthcare operations provide screening and reference laboratory diagnostic testing for cancer and other diseases and additional predictive testing for treatment optimisation for clinicians and patients. Pharma Biotech Services offers support for early stage therapeutic development, offering a 'one-stop shop' from tissue pathology, immunohistochemistry, sophisticated image analysis, biomarker determination and assay development to pharmacogenomics including genotyping and gene expression analysis. Life Science Research services provide core laboratory research support from conceptualization to implementation, calling upon a wide range of cutting-edge technology platforms including an online catalogue of biomolecular tools. This incorporates DNA sequencing, whole genome amplification and a comprehensive library of genomic reagents and clones including cDNA and RNAi, as well as facilitating rapid access to high quality antibodies, cell cultures, diagnostic assays for cancer and other genetic testing, and related research tools.
The group has its headquarters in Nottingham, UK where it operates state of the art reference laboratory facilities, with additional UK laboratory facilities in London, Cambridge and Oxford. Source BioScience is CPA, GLP and GCP accredited and is licensed by the Human Tissue Authority.
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