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Half Yearly Report

Cyprotex PLC ("Cyprotex" or "the Company")

Interim Results 2010

Robust performance despite tough market conditions
Strong start to second half
Transformational acquisition of Apredica and Cellumen technologies

Cyprotex PLC (LSE:CRX), the preclinical ADME Tox services company, today reports its Interim results for the half year to 30 June 2010.

Despite a slow start to the year due to issues associated with the global economy, inclement weather, and volcanic ash Cyprotex delivered a robust performance and remained profitable and cash generative.  This performance allowed the Company to invest in expanding its commercial activities and, post the period end, complete the transformational acquisition of Apredica, a Boston, US, based early ADME Tox Contract Research Organisation, including the toxicology assets and IP of Cellumen.  The acquisition creates the world's leading specialist early ADME Tox service provider and gives the Company an operational base in the US, the largest market for the Company's combined services.

Financial Highlights

·      Revenues up 1.3% to £2.48 million (H1 2009: £2.45 million)

·      Cash generation maintained with EBITDA* of £238,000 (H1 2009: £291,000)

·      Continuing profitability with net profit* of £122,500 (H1 2009: £159,800)

·      Cash flow from operations robust at £245,000 (H1 2009: £381,000)

·      Growth continues into the second half of 2010, with July's revenue a record for the Company

* excluding share based payment charge

Operational Highlights

Expansion of Commercial activities

·      Investment to effectively double UK main laboratory space and acquire necessary equipment to enable our UK laboratory to offer High Content Toxicology assays from  late August 2010 branded as CyprotoxTM

·      One additional customer advanced to strategic partner level

·      Five new Cloe® Select assays launched

·      Cloe® Knowledge (an open-access ADME and PK knowledge base) released onto Cloe® Gateway

·      Appointment of key personnel helped achieve 20% sales increase in US

Key Hires and Management Changes

·      Mr Benjamin Butterfield, Executive Director, Business Development, North America

·      New European (UK and Scandinavia) Business Development Manager

·      Dr Clive Dilworth promoted to Director of Laboratory Operations UK


Post period event - Acquisition Highlights

·      Acquisition for £2.68 million on 5 August 2010 of Apredica (based in Boston, USA) to create the world's leading specialist early ADME Tox service provider

·      Gives the Company an operational base in the US, the largest market for the Company's combined services, and immediate entry and credibility in the in vitro toxicology market

·      Acquisition satisfied by £1 million in cash from existing resources and the issue of 44,730,297 new ordinary shares

·      Apredica brings increased revenues (2009: £1.05 million) and profits (2009: EBITDA £0.1 million)

·      Dr Katya Tsiouan (Founder, CEO and CSO of Apredica joins the Cyprotex Board as CSO and  Mr Douglas Bates (Founder, CBO) joins the Board as Chief Marketing Officer

·      Shortly before completion, Apredica acquired all of the intellectual property and assets of Cellumen, Inc. adding an advanced, proprietary High Content Toxicology platform to its portfolio of in vitro toxicology services

Steve Harris, Chairman of Cyprotex PLC, said:

"Our performance in the first half of 2010 held up nicely despite a slow start to the year because of issues associated with the global economy, inclement weather, and volcanic ash.  While our competitors have released disappointing results in the comparative period, we have remained profitable and cash generative.

"This robust performance has allowed us to make some significant investments.  The acquisition of our US-based rival, Apredica, which was preceded by Apredica's acquisition of Cellumen's intellectual property and assets, represents a transformational event for the Company.  It gives the Company an operational base in the US (the largest market for our combined services), immediate entry and credibility in the in vitro toxicology market, plus advanced, proprietary toxicology technology.  These acquisitions, along with our soon-to-open UK toxicology laboratory, enable the Company to immediately become a major player in the in vitro toxicology market, which we believe is the highest opportunity sector of pre-clinical research today. 

"Our immediate focus is to rapidly integrate our acquisitions, and then focus on cross-selling opportunities of our existing and new offerings to our now much-expanded customer base.  These opportunities, along with a record start to the second half, give us increased confidence in the outlook despite market conditions remaining challenging."

Enquiries:

Cyprotex PLC
Dr Anthony Baxter, Chief Executive Officer
John Dootson, Chief Financial Officer
Mark Warburton, Chief Operating Officer and Legal Counsel
Mark Warburton, Chief Operating Officer and Legal CouTel:  +44 (0) 1625 505 100
ir@cyprotex.com
www.cyprotex.com


Singer Capital Markets Limited (broker to Cyprotex)
Shaun Dobson  
shaun.dobson@singercm.com
Claes Spang
claes.spang@singercm.com

Tel:  +44 (0) 203 205 7500
www.singercm.com


Financial Dynamics
Ben Brewerton
Ben Atwell
Mo Noonan

Tel:  +44 (0) 20 7831 3113
cyprotex@fd.com     
www.fd.com


Download Full Interim Report Results to 30 June 2010
 

Despite a slow start to the year due to issues associated with the global economy, inclement weather, and volcanic ash Cyprotex delivered a robust performance and remained profitable and cash generative.  This performance allowed the Company to invest in expanding its commercial activities and, post the period end, complete the transformational acquisition of Apredica, a Boston, US, based early ADME Tox Contract Research Organisation, including the toxicology assets and IP of Cellumen.  The acquisition creates the world's leading specialist early ADME Tox service provider and gives the Company an operational base in the US, the largest market for the Company's combined services.

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