CAMBRIDGE, U.K., Aug. 24, 2004 (PRIMEZONE) -- CYTOMYX HOLDINGS PLC: Financial results for the third quarter ended 30 June 2004; U.S. figures have been based on the average conversion rate of $1.78365: GBP1
Cytomyx Holdings plc (LSE:CYX), a leading provider of drug discovery products and services, today announces unaudited financial results for the three-month period ended 30 June 2004. The Group reported turnover of US$2.71m, compared with US$2.39m for the corresponding period in 2003, and a consolidated profit before interest and amortisation of goodwill and intangibles of US$34,000, compared with a loss of (US$414,000) for the same period in 2003.
The gross margin in the third quarter was 61%, compared with 51% in the second quarter of 2004 and 46% in the third quarter of 2003. This reflects the growing impact of internally developed products and services over the distribution of lower margin third-party products, which offset the impact on sales at the Cambridge BioScience unit due to the previously announced termination of a distribution agreement. The profit in the quarter was attributed to the significant investment that was made in the Clinomics Biosciences and Cytomyx Limited businesses in the first half of the year, resulting in higher margin products that include Ion Channel cell lines, Tissue MicroArrays and Human Biology Database services.
Commenting on these results, Mike Kerins, Chief Executive said: "Our third quarter results are pleasing because they reflect a continuing trend of revenue growth and improving operating margins. We are seeing strong demand for Cytomyx Limited's Ion Channel cell lines and the unique services that Clinomics is providing to its clients in the pharmaceutical industry. We plan to continue our investment in these two high growth operations."
Mr Kerins added that Cytomyx Limited's successful collaboration with a major pharmaceutical company partner continues to accelerate product development. The range of Ion Channel cell lines available has now increased from one at the start of the financial year to ten today. Ion Channel cell lines are used by pharmaceutical companies to identify potentially serious cardiac side-effects of drug candidates before these are tested in humans.
Clinomics Biosciences, as previously announced in July, entered into an important new collaboration with the Moffitt Cancer Center in Tampa, Florida, one of the leading cancer research centers in the US, for joint development of new tools for use in cancer research. The initial phase of the research program will focus on the use of Clinomics' Tissue MicroArray methodologies to improve classification of primary tumors. The collaboration is expected to accelerate Clinomics' development of new Tissue MicroArrays and Protein Expression Databases. Clinomics also recently licensed its Oncology Cell Signalling Database to AstraZeneca.
Consolidated profit and loss account
Quarter ended 30 June 2004
3 months 3 months 9 months 9 months
ended ended ended ended
30 June 30 June 30 June 30 June
2004 2003 2004 2003
(unaudited) (unaudited) (unaudited) (unaudited)
$'000 $'000 $'000 $'000
Turnover 2,713 2,395 7,893 6,662
Gross profit 1,666 1,111 4,247 3,166
Net profit/(loss)
before amortisation
of goodwill and
interest 34 (414) (847) (460)
Net loss (70) (438) (1058) (533)
Loss per ordinary
share (dollar) (0.00) (0.02) (0.03) (0.02)
Note to editors
About Cytomyx Holdings plc
Cytomyx Holdings plc (www.cytomyx-holdings.com) is a rapidly growing life science company. It has four operating subsidiaries - Cytomyx Ltd, Cambridge BioScience Ltd and Cytocell Technologies Ltd, all of which are based in Cambridge UK and Clinomics Biosciences Inc which is located in Albany, New York.
The Company provides a range of products and services that are used by its clients in the pharmaceutical industry to enhance their drug discovery productivity. These solutions enable clients to make better-informed decisions during drug development, through enhanced understanding of the role of gene and protein targets in disease progression and by being able to predict and eliminate drug candidates which might otherwise fail in late-stage development due to issues of toxicity or poor efficacy.
Cytomyx listed on the London Stock Exchange's AIM market in 2001.
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