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Cyprotex (COTXF.PK) Release: Strong First Half Performance Delivers Record Profits


8/7/2013 9:09:59 AM

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August 7, 2013 -- Cyprotex PLC (AIM: CRX), a specialist ADME-Tox Contract Research Organisation (CRO), today reports its interim results for the half year to 30 June 2013.

Financial Highlights

- Revenues up 22.3% to £4.55m (H1 2012: £3.72m)

- Revenues in Europe including UK up 33.7%

- Revenues in North America up 15%

- Reliance on any one individual large customer remains low at 12.6% of revenues

- Robust EBITDA of £703,000 (H1 2012: £89,000)

- Operating Profit of £317,000 (H1 2012: loss £189,000)

- Cash generated from operations at £588,000 (H1 2012: Cash used in operations £103,000)

Operational Highlights

- Very strong sales growth in UK, Europe and North America

- 78 new customer contracts signed (H1 2012: 88)

- 35 and 43 new customers for Macclesfield and Watertown operations respectively

- Three new strategic customers (i.e. where expected 12 month revenues are in excess of £250,000)

- 18 month collaborative research project in the area of predictive toxicology with Pfizer, announced in October 2012, is proceeding well

- US Environmental Protection Agency (EPA) contract of up to $10m over 5 years to support Phase 2 of the ToxCast programme

- Partnering deals with Sigma® Life Science, InSphero AG and Sirius Analytical Instruments Limited continue to make excellent progress

- New service offerings have rapidly attracted high value customers:

- Upgraded CellCiphr® high content screen for determination of hepatotoxicity has gained significant traction with customers

- eCiphrCardio, our new cardiotoxicology assay, was launched in February

- Significant investment in workhorse instrumentation. Continued investment is essential to keep Cyprotex at the forefront of automated liquid handling and analytical technologies:

- Upgraded mass spectrometry facility. A further two Waters Xevo® TQ mass spectrometers added in the period following the four in 2012 at a combined total cost of £994,000

- A second new robotic screening platform (TECAN Freedom EVO 200)

- Highly successful symposium held in Tokyo, Japan which has been followed by a targeted marketing and sales campaign

Post-Period Update

- Launch of a new Neurotoxicity assay, eCiphrNeuro, to evaluate neuronal activity of new drug candidates

- Significant institutional investor interest in the Company with Oryx International (27.3%), Henderson Global (6.95%), as new major investors

- Christopher Mills joined the Board of Cyprotex as Non-Executive Director. He is a director and investment manager of Oryx International Growth Fund

- £7 million in cash is being raised by way of an Open Offer and Placing of Loan Notes in the Company, fully underwritten by Harwood Capital LLP, to facilitate further investment in the US and assist with acquisitions

Steve Harris, Chairman of Cyprotex PLC, said:

“2013 has seen the most promising trading start to the financial year in the Company’s history. The success has come from all geographical territories and from all parts of our technical service offering. It is particularly pleasing to note that our investments in improving our high content toxicity assay CellCiphr® and in our new cardiotoxicity assay e-CiphrCardio have been rewarded with excellent uptake. Additionally, we have secured two notable new deals in the last 12 months with a 5 year contract with the EPA worth up to $10m for supporting the ToxCast programme and the 18 month Research Collaboration agreement with Pfizer proceeding well. The Board remains confident of achieving market expectations for revenues and operating profits for the full year, prior to any potential impact from the EPA contract.

We also welcome our new investors and thank them for their commitment, through which we hope to maximise future opportunities and accelerate the growth of the Company.”

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 ir@cyprotex.com

www.cyprotex.com

N+1 Singer (Nomad and broker to Cyprotex) Tel: +44 (0)20 7496 3000

Shaun Dobson

Jenny Wyllie

shaun.dobson@n1singer.com

jenny.wyllie@n1singer.com

www.n1singer.com

FTI Consulting Tel: +44 (0) 20 7831 3113

Simon Conway

Mo Noonan cyprotex@fticonsulting.com

www.fticonsulting.com

About Cyprotex PLC

Cyprotex is based in Macclesfield, near Manchester in the UK, and Watertown, MA in the US and is listed on the AIM market of the London Stock Exchange (CRX). The company was established in 1999 and works with more than 700 partners ranging from small biotech’s to large pharma companies. Cyprotex acquired Apredica and the assets of Cellumen Inc. in August 2010 and the combined business provides support for a wide range of experimental and computational ADME-Tox and PK services, extending from early drug discovery through to IND submission. The company’s core capabilities include high quality in vitro ADME screening services, mechanistic toxicology and high content toxicology screening services, including our proprietary CellCiphr® toxicity prediction technology, and predictive modelling using PBPK and QSAR techniques, including Cloe® PK for in vivo PK prediction. For more information, see www.cyprotex.com.

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