Press Release

 

Osmetech plc (OMH.L), the fast developing international molecular diagnostics business announces preliminary results for the 12 months ended 31 December 2006 - 20 March 2007

 

2006 Highlights

  • Sales for 2006 of £10.6m (8 months ended 31 December 2005 - £5.6m) - increase of 28% on the corresponding 12 month period
  • Operating losses of £12.4m (8 months ended 31 December 2005 - £5.5m) reflects our significant investment in our Molecular Diagnostics Division including the first full reporting period since Clinical Micro Sensors Inc. was acquired in 2005
  • FDA clearance for eSensor Cystic Fibrosis screening test
  • Successful launch of first molecular diagnostics products and commencement of sales
  • July 2006 share placing raises £12.8m before expenses

 

Current period

  • Strategic partnership with EPIDAUROS Biotechnologie AG to develop pharmaceutical companion diagnostics and novel molecular diagnostic products
  • Sale completed of Critical Care Division (“CCD”) for $44.9m in cash representing a substantial return on the original acquisition price of $2.7m
  • Cash resources increased significantly on 31 January 2007 to £27.5m following the sale of CCD
  • Agreement to buy-back warrants over 7.8m shares from Motorola (representing 3.85% of the issued share capital) for £469,000
  • First pharmacogenetics assay for Warfarin testing and second generation instrument platform, the eSensor® XT-8, planned for clinical trials and FDA submission in the third quarter of 2007

 

James White, Chief Executive, Osmetech plc, said: “The sale of the Critical Care Division has demonstrated the skill of the Osmetech management team in acquiring and developing underexploited assets and now management is focussed solely on the major opportunities available in Molecular Diagnostics market. Osmetech is now well funded and has the product technology and strength of intellectual property required to build significant value in its Molecular Diagnostics Division.”


Osmetech plc                     +44 (0)207 849 6027
James White, Chief Executive Officer
David Sandilands, Chief Financial Officer

 

Hoare Govett Limited        +44 (0) 207 678 8000
Andrew Foster / Bertie Whitehead (Corporate Broking)
Justin Jones (Corporate Finance)

 

Madano Partnership           +44 (0) 207 593 4000
Matthew Moth/Mark Way

 

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