Epistem, the UK biotechnology and personalised medicine company, announced sales growth of 45% to £5.74 million (2009: £3.97 million) for the year to the 30 June 2010. The Company recorded a profit of £0.3 million (2009: £0.1 million). Both its Contract Research and Novel Therapies divisions were profitable, though a small loss was recorded in the newly established Personalised Medical division due to costs associated with establishing a US office and financing new product development.
The Personalised Medicine division is comprised of the old Biomarkers division and a new diagnostics business. This division's first product is a compact Point of Care (PoC) molecular diagnostic device for use in hospitals, clinics and surgeries called Genedrive. Though it is anticipated that Genedrive will have a wide application base for gene mutation and pathology testing across the healthcare, veterinary, industrial and food markets, its first markets will focus on sexually transmitted diseases (STDs) and oncology mutations.
The expansion of the company's market into PoC diagnostics should help it develop a base of recurring revenues, and support the company's growth as it develops therapies in the Contract Research and Novel Therapies divisions.
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