Epistem’s (LON:EHP) chief executive Matthew Walls believes the new GeneDrive product represents an exciting new area for the business.
Walls told Proactive Investors that the new Personalised Medicine division is likely to provide the strongest revenue growth over the coming year.
After its successful launch last year Epistem’s Biomarker business has now been expanded to form a new Personalised Medicine division.
Personalised Medicine is now one of Epistem’s three key operating divisions, alongside Contract Research and Novel Therapies.
The GeneDrive molecular diagnostic product was unveiled along with the company’s impressive financial results.
“Epistem is the first to market with this kind of product ”, Walls said.
Walls told Proactive Investors that new fields of medicine will focus on the patient as an individual, as new biotechnology will be able to target the patient specific disease characteristics.
Personalised Medicine will aim to examine and assess how treatments will affect individual patients, rather than the more generic prescriptions for broad groups of patients.
Walls emphasised that the new business area plays to the strengths of Epistem’s diagnostic assay technologies.
The propriety GeneDrive 'Point Of Care' (POC) device will provide an 'on the spot' patient specific diagnosis.
Walls believes the product will bring a new 'standard of care' to the rapid diagnosis of pathogens and other molecular diseases.
The technology aims to complete a quick molecular diagnosis in less than 30 minutes.
GeneDrive will be suitable for use in clinics, hospitals and surgeries.
Epistem highlighted that the technology also lends itself to other opportunities, including applications in veterinary, food and industrial use.
The GeneDrive product is currently in the validation stage, and ‘beta site’ clinical testing is scheduled to start towards the end of 2010.
The product launch is expected in the first half of 2011.
Yesterday Epistem published a strong set of results with rapidly growing sales, revenues and product lines.
The company reported a substantial 45% year-on-year increase in sales to £5.7 million (FY09: £4 million), which boosted net profit to £0.3 million (FY09: £0.1m). Earnings per share (EPS) was up strongly to 3.8p (FY09: 1.1p).
“I am delighted to report significant growth and ongoing improvement in Epistem's results,” Epistem chairman David Evans said.
“Whilst market and trading conditions have remained volatile, the company continues to invest in and strengthenits foundations and enjoyed a further exceptional year in difficult times.”
Evans highlighted that each divisional business increased sales during the year, and each division is establishing itself for growth.
Novel Therapies upped sales by £1.4 million to £2.4 million, Personalised Medicine’s Biomarker sales increased 19% and Contract Research sales were up 10%.
And with the outlook for the expanding group increasingly positive, Evans expects the company to advance quickly in current financial year.
The company highlighted that it has already made a solid start to the new financial year.
Epistem’s momentum continued into the current year, with revenues 15% ahead of last year’s comparatives.
“A strengthening operational and financial position confirms our belief that the year ahead will continue to generate substantial increases in our forecast revenues and growth ambitions,” Walls added.