Cyprotex Doubles the Size of Its US Facility to Meet Growing Demand
Cyprotex PLC (AIM:CRX), the preclinical ADME-Tox services company, today announces a major expansion of its US-based facility in Watertown, near Boston in Massachusetts. In January 2012, the facility for Cyprotex’s US operations will be increased from 4,400 sq ft to 8,200 sq ft.
The facility expansion is driven by strong demand in North America for Cyprotex’s services and an increasing worldwide demand for the specialty in vitro toxicology services provided by the Watertown facility, in particular, Cyprotex’s CellCiphr™ High Content Toxicology service.
The original facility was acquired as part of the August 2010 acquisition of Apredica. Since that time revenues for the facility have more than doubled and are continuing to increase steadily. In the first half of 2011, revenues for the US site were £1.27 million; compared £0.53 million for the same period in 2010.
Dr. Tony Baxter, Cyprotex’s Chief Executive Officer, comments: “Cyprotex’s increasingly acute need to expand the Watertown facility is the consequence of a series of successful strategic efforts, including our entry into the in vitro toxicology market. In 2011, we have continued to focus on growth, most recently with the launch of our new genomic ADME service, gADME™, which allows tailored dosage regimens of drugs based on genetics. This new service opens new commercial possibilities for compounds that historically may have had to be discontinued from development. With this new technology, Cyprotex is bringing personalised medicine into discovery programmes.”
Dr. Katya Tsaioun, Cyprotex’s Chief Scientific Officer, comments: “Due to the increasing problems the pharmaceutical industry is having with toxicity, we anticipate growing demand for Cyprotex’s in vitro toxicology services. These services allow drug discovery companies to remove toxic compounds from development earlier and at a lower cost than traditional methods. We are still in the early stages of a technological revolution regarding toxicology that is similar to the revolution seen in ADME. Before then, 40% of drugs failed in clinical trials due to ADME reasons. Now that figure is 7% and falling. This application of in vitro technologies to the ADME problem was arguably the greatest efficiency improvement in drug development in the last decade. Our extended facilities will allow us to be at the forefront of applying in vitro technologies to the toxicity problem, which we believe will be the greatest efficiency improvement of this decade.”
For further information:
Cyprotex PLC Tel: +44 (0) 1625 505 100
Dr Anthony Baxter, Chief Executive Officer
John Dootson, Chief Financial Officer
Mark Warburton, Chief Operating Officer and Legal Counsel firstname.lastname@example.org