The Binding Site Announces Trading Update for Year Ended September 30th 2008
- Revenues Expected to be up 26%, Freelite(TM) Sales up More Than 50%
The Binding Site Limited ("The Binding Site" or the "Company"), aprivately-owned specialist UK diagnostics company, today announces a tradingupdate for the year ended 30th September 2008. The full audited results willbe announced in early December 2008.
Revenues are expected to be GBP38.9 million, representing sales growth ofapproximately 26% in comparison to the previous financial year. The Companyhas seen strong growth across all its major markets, with approximately 25%growth in revenues in the U.S. and similar growth rates seen in Europe andemerging markets.
The progress has been driven by continued strong demand for Freelite(TM),which is used for the diagnosis and monitoring of multiple myeloma, a cancerof cells in the bone marrow. Sales of Freelite are expected to be up byaround 52% at GBP12.6 million in the year to the end of September,underlining the increasing acceptance of the product.
Autoimmune product sales increased approximately 22% to GBP13.6 millionyear on year, strongly outperforming their market as The Binding Site gainedmarket share and increased its level of new business. The performance wasbuoyed by the solid growth of newly introduced products and a rise in thebase of installed instruments. Sales from the Company's core productsbusiness have increased by around 10% to GBP12.7 million in the period,supported by continuing technical improvements and promotional activities.
Commenting on today's announcement, Paul Duncan, Chief Executive Officerof The Binding Site, said:
"This has been an excellent year for The Binding Site and we expect theconsiderable growth in revenues to be reflected in a strong increase inEBITDA figures. Freelite continues to gain market recognition, with more than100 scientific publications appearing during the last 12 months. With currentsales of over GBP12 million and an anticipated continued annual growth rateof more than 50% for the next few years, the prospects for this novel productare now firmly established.
"We expect the Company's current strong performance to continue into 2009and are confident that the product portfolio will continue to deliverexceptional results. In addition, we are investing heavily in our pipeline tofurther drive future performance and deliver long term growth."
Notes to Editors:
About The Binding Site
The Binding Site Ltd. is a British based company specialising in theresearch, development and production of immunodiagnostic kits and reagents.The Binding Site manufactures a wide range of high quality and innovativeproducts used in clinical laboratories world-wide. The business is dividedinto three main areas:-
Freelite(TM), a novel and highly significant assay increasingly used forthe diagnosis and monitoring of multiple myeloma (MM), a cancer of cells inthe bone marrow. MM is the second most common blood cancer afternon-Hodgkin's lymphoma. Considered almost untreatable only 20 years ago, hugestrides have been made in the successful treatment of multiple myeloma withnew drugs becoming available and new treatment regimes being assessed.Freelite has been used as a sensitive marker for the efficacy of some ofthese newer treatments and has helped clinicians gain a clear understandingof how some of these drugs are benefiting their patients. Furthermore, withnumerous different therapies now available, treatment decisions which mayhave taken weeks or months can now be made in days thanks to the availabilityof sensitive and reliable results using Freelite. National and Internationalguidelines for the diagnosis and treatment of multiple myeloma and associatedcancers now include Freelite results as a requirement for monitoring thetreatment of patients. Numerous clinical trials are underway to look at theuse of Freelite in a range of other malignancies as well as how the resultsmay radically change the management of complications such as renal disease incancer patients. There are currently approximately 1.5 million Freelite testsperformed per annum with the number of analyses increasing at a rate ofapprox. 50% p.a.
The diagnosis and treatment of patients suffering from autoimmunediseases (caused when the body is unable to distinguish between foreign andself). Many common diseases such as Rheumatoid Arthritis are autoimmune inorigin and The Binding Site manufactures a range of diagnostic assays andreagents used in hospital laboratories worldwide to help diagnose and monitorthe treatment of these diseases, e.g. antiphospholipid syndrome, vasculitisand coeliac disease.
Products used for the detection of immunodeficiency. These include theinherited or acquired disorders of the immune system and products used indonor selection and manufacture of vaccines. The Binding Site has been andremains a market leader in products for the investigation of these diseases.
For more information please see http://www.bindingsite.co.uk.Freelite(TM) is a registered Trademark of The Binding Site Ltd.,Birmingham, U.K. Enquiries: The Binding Site Paul Duncan Tel: +44-121-436-1000 Financial Dynamics Jonathan Birt / Lara Mott Tel: +44-20-7269-7182
SOURCE The Binding Site Limited
You May Also Like