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Oxford Gene Technology Announces Operational and Financial Highlights for FY 2014: via BioPortfolio

07:11 EST 2 Dec 2014 | Instinctif Partners

Oxford Gene Technology Announces Operational and Financial Highlights for FY 2014

OGT’s molecular genetics business delivers 54% growth in commercial revenues to £11.9m

Growth attributed to acquisition of Cytocell Ltd coupled with robust performance of CytoSure microarray products and Genefficiency next generation sequencing services

Oxford and Cambridge, UK – 2 December 2014 – Following its successful acquisition and integration of Cytocell Ltd, Oxford Gene Technology (OGT), the molecular genetics company, has provided an operational and financial update for the company’s financial year ended 30 September 2014.

Operational highlights

  • Creation of a focused molecular genetics business addressing large markets in cancer, molecular cytogenetics and reproductive health with a class-leading product portfolio in next generation sequencing (NGS) sample preparation, microarrays and fluorescence in situ hybridisation (FISH)
  • Successful acquisition and integration of Cytocell, a leading provider of DNA technology for the detection of gene rearrangements related to inherited genetic disease and cancer
  • Smooth transition from Cytocell’s North America distributor to direct sales and support from OGT
  • Further expansion of OGT’s sales and support infrastructure in the United States, Canada, UK, Germany and France, with sales in over 60 countries
  • New high-value products launched, including SureSeq™ for NGS sample preparation, the CytoSure™ Medical Research Exome and CytoSure™ Embryo Screen arrays as well as new FISH products from Cytocell
  • Strong R&D portfolio, including an array-based Non-Invasive Prenatal Test (NIPT) for Down’s syndrome that has just entered clinical trials, and a well-defined pipeline of NGS sample preparation products

Financial highlights

  • Total revenue grew by 27% to £15.2m (FY2013: £11.9m)
  • Commercial revenue growth of 54% to £11.9m (FY2013: £7.7m)

Commenting on OGT’s performance and the outlook for 2015, Dr Mike Evans, CEO of OGT said:

“We have made some important operational decisions this year to help achieve our ambition to become a global leader in molecular genetics.

“A key component to our growth was the acquisition of Cytocell. As well as being financially accretive to the business, it has expanded the portfolio of products available to our dedicated sales force, allowing us to offer our customers the complete solution for molecular genetics research.

“Our R&D team has made significant progress on a number of high-value projects addressing the escalating NIPT and NGS markets, which will further fuel OGT’s growth.

“We now have an international infrastructure supporting sales in over 60 countries, a focused portfolio and strong development pipeline to take advantage of the continued high growth of the molecular genetics market. We expect to see continued momentum in the next financial year and beyond, building further value to our customers and the business.”

Oxford Gene Technology Stephen Archibald, Director of Communications T: +44 (0) 1865 856826 F: +44 (0) 1865 848684 E: contact@ogt.com NEXT ARTICLE

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