Cyprotex upbeat
Cyprotex has reported an increase in revenue, but also increased losses for the 14 month period to December 2003.
Cyprotex has reported an increase in revenue, but also increased losses for the 14 month period to December 2003.
The drug discovery technology and information company of Macclesfield, UK, has reported revenue to 31 December 2002 of £647,770 against £98,614 for the preceding seven months to 31 October 2001.
Losses for the period were £3,357,182 against £386,752 for the preceding 7 months to 31 October 2001, while expenditure reflected investments made to develop the business.
Cyprotex has signed 12 contracts with companies such as AstraZeneca, Astex Technology and Roche, and it has moved to a customised laboratory and office facility in the UK delivering high throughput automated screening and in silico technology.
Commenting on the results, John Nicholson, coo of Cyprotex, said: 'In common with other companies providing products to the life sciences sector, Cyprotex has faced a tough and challenging environment in its first trading period as a public company. However, the group has continued to focus on the development and effective delivery of its core technologies whilst highlighting to the market the technical and cost benefits of Cyprotex's products. The Board is encouraged by the level of interest in its products from major pharmaceutical and international biotech companies.'