Press Release

 

Osmetech plc ('Osmetech' or the 'Company')

Osmetech plc – AGM Statement -3 May 2007

 

Osmetech plc, the fast developing international molecular diagnostics business will provide the following business update during its Annual General Meeting at 11:00am today:


As planned, we have exhibited our new eSensor® XT-8 instrument at the Clinical Virology Symposium held in Florida, US from April 29 – May 2, 2007. This was the first public demonstration of the instrument and we have been delighted with the very positive reaction received.


The eSensor® XT-8 system has the capability of enabling the vast majority of molecular diagnostic tests to be performed from a single instrument platform in an easy to use, cost-effective format with proprietary consumables specific to each test. Using this instrument, our first pharmacogenetics assay for Warfarin testing remains on schedule for clinical trials and FDA submission over the next few months.


We continue to be excited about the commercial opportunities for Warfarin testing to establish the correct dosage for individual patients according to their genetic characteristics. In excess of 2,000,000 new patients are prescribed the anti-coagulant, Warfarin, each year in the US alone and soon the FDA are expected to promote and recommend wide-scale testing of new patients.


We have a strong product and intellectual property portfolio which provides numerous opportunities to build significant value within the Group. We are currently in discussions with a number of potential partners with prospects of:

 

  1. securing licensing agreements that will add assay content
  2. developing “companion” diagnostics for pharmaceuticals
  3. negotiating out-licensing agreements
  4. entering into strategic partnerships in non-healthcare markets


Osmetech remains well funded and has a strong combination of experienced molecular diagnostics management and proven technology capable of creating a business with considerable value in this fast-growing market.


Ends


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 (Corporate Broking)
Justin Jones (Corporate Finance)
                                           

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