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Oxford Gene Technology Ltd. Announces Commercial and Financial Highlights For FY 2016



11/22/2016 10:17:04 AM

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OXFORD, England, November 22, 2016 /PRNewswire/ --

Highly integrated molecular genetics portfolio delivers significant revenue growth and sustainable profit

Oxford Gene Technology (OGT), The Molecular Genetics Company has announced continued strong sales of its highly integrated molecular genetics product portfolio, delivering sustainable, profitable growth. Commercial and financial highlights for the year ended 30 September show the company delivering product sales of £18.4m, up 29% on FY 2015.

(Logo: http://photos.prnewswire.com/prnh/20160909/406091LOGO )

•Total revenue grew by 15% to £19.7m (FY2015: £17.1m)
•Product revenues grew 29% to £18.4m (FY2015: £14.3m)
•Fully integrated portfolio delivers sustainable profitable growth

OGT's impressive financial performance validates the company's strategy of developing innovative, high-growth products for molecular genetics. Dr Mike Evans, CEO of OGT, explained;

"The strategic decisions we have made over the last few years have reshaped the company to create a streamlined and profitable business that is fully focused on the development of innovative products for molecular genetics. Focussing on our integrated portfolio of molecular genetics products has driven strong sales growth and a significant increase in profits from commercial activities."

Commercial Highlights

Cytocell®: Fluorescence in situ hybridisation (FISH) probes for detecting gene rearrangements related to inherited genetic disease and cancer outstrip market growth

•Continuing double-digit growth outstrips market growth; increased market share (market growth at 7%)
•OGT maintains its position as a market-leading FISH provider with the widest range of FISH probes on the market
•Further expansion of Cytocell FISH probe portfolio with more than 14 haematology probes and CE-IVD marked pathology probes for lung cancer and glial tumours added

CytoSure™: Broad range of array products for molecular cytogenetics, cancer and reproductive health research shows impressive growth and global new customer adoptions

•Large increase in customer base thanks to successful exon-focused strategy including development of molecular arrays to complement NGS with gold-standard CNV detection
•Continued successful market adoption of the CytoSure Constitutional v3 array, and launch of the CytoSure Constitutional v3 +LOH array - the only arrays incorporating the latest evidence-based content for enhanced detection of developmental disorders
•CytoSure Affirm non-invasive pre-natal test (NIPT) nearing CE marking submission as UK approves use of NIPT as part of national screening programme

SureSeq™: Expanding portfolio of NGS library preparation products for the accurate detection of genetic variants sees increasing sales growth and a flexible customisation focus

•Investment in new product development reflected by increasing sales growth and a strong sales pipeline •Launch of SureSeq myPanel™ NGS Custom Cancer Panels reinforcing the company's flexible customisation strategy - simplifying detection of important cancer gene variants
•Expanding portfolio in both cancer and rare disease with new custom panel content and disease-focused panels near launch and in development

Looking forward to 2017, Dr Evans added, "Our business is now focused on sustainable, profitable growth and our strategy moving forward is to further target the growing molecular medicine market. As a part of this approach we will continue to develop and expand our popular customisation programmes - Cytocell myProbes®, SureSeq myPanel and customisable CytoSure array content - which enable us to be truly customer responsive and clearly sets OGT apart from the competition."

CytoSure™ and SureSeq™: For Research Use Only; Not for Use in Diagnostic Procedures. Cytocell®: Some products may not be available in your region.


Read at BioSpace.com


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