- Biocompatibles now trading profitably
- Increase in 2010 revenue and cash guidance
- Cosmetic dermal filler bead investment programme on track
Farnham UK, 16 June 2010: Biocompatibles International plc (LSE:BII), the medical technology company, will today hold its Annual General Meeting.
The Chairman, Gerry Brown, will make the following comments:
“Biocompatibles has made a strong start to the year. The Board expects that in August, the Company will report a profit after interest and tax for the first half of 2010 and thereafter expects the Company to remain in profit.
The Oncology Products Division is trading ahead of Board expectations, as a result of strong Bead Products’ sales in each of the three main geographic markets - the United States, Europe and Asia. Conditions in the Brachytherapy market remain challenging.
In the Licensing Division, CellMed is also making good progress. The GLP-1 Diabetes clinical programme is on plan, and the €4million manufacturing investment plan is on track to deliver a significant increase in Novabel®1 production from early 2011.
The Company is increasing its guidance for 2010 revenue from £28-32million to £31-34million and on 2010 closing cash from £25million to £26million.
The Company will provide guidance on profit expectations for the full year of 2010, with the announcement of the half-yearly results, in August 2010; and 2011 sales and profit guidance, early in 2011.
The Board was pleased to pay the 2010 dividend of 6.25p per share on 28 May, representing an increase of 25% over the 2009 dividend.
These are exciting times for Biocompatibles.”
-Ends-
1Novabel is a registered trademark of Merz Pharmaceuticals GmbH, Biocompatibles’ licencee.
Contact:
Biocompatibles
Crispin Simon, Chief Executive
Ian Ardill, Finance Director |
+44 (0) 1252 732732 |
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| Anna Keeble |
+44 (0) 7879 818876 |
Biocompatibles International plc (www.biocompatibles.com)
Biocompatibles International plc
Biocompatibles International plc is a leading medical technology company in the field of drug-device combination products.
The Oncology Products Division supplies medical devices from facilities in Farnham, UK and Oxford, CT. These include Drug-Eluting Bead Products which are used in more than 40 countries for the treatment of primary liver cancer (HCC), liver metastases from colorectal cancer, and other cancers; and Brachytherapy products (Radiation-Delivering Seeds) which are used in the treatment of prostate cancer. Our distribution partners include AngioDynamics Inc., Terumo Corporation and Eisai Co. Ltd. We have a clinical collaboration agreement with Bayer Healthcare Pharmaceuticals Inc.
Our Licensing Division includes CellMed, in Alzenau, Germany, which is developing a Drug-Eluting Bead product for the treatment of stroke, based on proprietary stem cell technology; a GLP-1 analogue for the treatment of diabetes and obesity partnered with AstraZeneca; and a cosmetic Dermatology Bead partnered with Merz Pharmaceuticals GmbH. We also have a PC Licensing agreement with Medtronic Inc. in the field of Drug-Eluting Stents.
This news release contains forward-looking statements that reflect Biocompatibles’ current expectation regarding future events. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of Biocompatibles’ research strategy, the applicability of the discoveries made therein, the successful and timely completion of clinical studies and the uncertainties related to the regulatory and commercialisation processes.