Trading update & agreement

1 Apr 2008 07:01

Immunodiagnostic Systems Hldgs PLC01 April 2008 Immunodiagnostic Systems Holdings PLC ("IDS" or the "Group") Trading Update and 3X3 development agreement IDS, a leading producer of diagnostic testing kits, announces that trading forthe year to 31 March 2008 is expected to be circa 90% ahead of last yearsnumbers (y/e March 2007: £9.922m) with the Group gaining from the twoacquisitions made during the summer of 2007 (Nordic Bioscience Diagnostics andBiocode Hycel). Operating profits are expected to be in line with marketexpectations. Costs remain well under control and trading in all of the Group's mainterritories has increased year on year as well as across the Group's keyproducts. Sales into both the USA and France have seen significant growth thisyear. Prospects for the new financial year look very good, especially with the launchof our new 3X3 automated analyzer expected later this year. The Group willannounce its year end results during July 2007. IDS signs agreement with HYPHEN BioMed for Automated Immune Haematology Tests IDS also announces that it has signed Heads of Terms with HYPHEN BioMed ofNeuville-sur-Oise, France, for the development of a range of automatedhaemostasis (coagulation) tests. IDS is poised to enter the fully-automated In Vitro Diagnostics (IVD) marketfollowing the acquisition of Biocode-Hycel of Liege, Belgium, in August 2007.With this acquisition, IDS gained ownership of a new instrument, afully-automated immunoanalyser known as the 3X3. IDS has continued to develop the concept of 'The 3X3 Alliance', whereby selectedcompanies with particular expertise in a given area of diagnostics are invitedto develop products configured for automation on the 3X3. HYPHEN BioMed is thelatest such company to join the 3X3 Alliance. HYPHEN BioMed was created in 1999 by Jean Amiral and Anne Marie Vissac, both ofwhom are recognised experts in the fields of immune haematology, thrombosis,haemostasis, fibrinolysis and auto-immunity which are directly related tocardiovascular disease, a major cause of mortality and morbidity in developedcountries. Their specialised scientific research team has a large network ofacademic partnerships worldwide, and the company is expanding rapidly. The collaboration will deliver a range of innovative products, automated on 3X3,to address the fast-growing high-end segment of the immune haematology market.The worldwide market of this In Vitro Diagnostic sector has been predicted toexceed US$1b by 2009 (source: Frost & Sullivan 2004), and to have a CompoundAnnual Growth Rate (2003-2010) of 18.9%, boosted by an increasingly agingpopulation and the continued increase in cardiovascular diseases. The IDS 3X3, already installed satisfactorily in a number of laboratories forbiochemistry applications, is due to launch later this year with the first ofthe IDS flagship products, Vitamin D immunoassay, becoming available in afully-automated, push-button format for the first time, with additionalspecialist Bone and Skeletal biomarker tests launching throughout 2008, 2009 andbeyond. The launch in 2009 of products developed by 3X3 Alliance partners suchas Technogenetics of Italy and HYPHEN BioMed will accelerate the growth of the3X3 'menu' of tests available to laboratories worldwide. Discussions are ongoing with additional candidate 3X3 Alliance partners, andfurther announcements will be made in due course. Enquiries: Immunodiagnostic Systems Holdings plc Oriel Securities Ltd Parkgreen Communications LtdDr. Roger Duggan, Managing Director Andrew Edwards Paul McManusTel: 0191 519 0660 Tel: 020 7710 7600 Tel: 020 7479 7933www.idsltd.com Mob: 07980 541 893 This information is provided by RNS The company news service from the London Stock Exchange