NEW YORK (GenomeWeb News) – Protein biomarker and assay development firm NextGen Group announced on Friday that 2010 revenues increased 4 percent to a little more $1.2 million.
That compares to 2009 revenues of slightly less than $1.2 million.
For the year, the UK-based firm's net loss improved 8 percent to $3.3 million, or $.06 per share, from $3.6 million, $.11 per share.
Its US business, called NextGen Sciences, generated the bulk of its revenues, $676,992, but was down 22 percent from $868,130 a year ago. European revenues climbed 25 percent to $252,826 from $201,540. Revenues from the rest of the world increased 187 percent to $285,736 from $99,730 in 2009.
NextGen ended 2010 with $21,255 in cash and cash equivalents.
In a statement, Klaus Rosenau, Chairman and CEO of NextGen Group, said that during 2010 the company underwent a shift in its business to target "higher value, scalable products," and away from "low margin … intensive 'protein characterization' projects." In its new model, the company is using its expertise in mass spectrometry to offer contract research organization services in protein biomarker discovery; protein biomarker assay development using multiple reaction monitoring technology; custom assay development; and protein biomarker testing and qualification.
The firm had already moved to becoming a biomarker firm in 2008 after selling off its automation and software business.
"Our customer segments remain as before; however, we now have a much clearer view as to where we expect revenues to come from and there is a defined, targeted approach for our marketing and sales efforts," said Rosenau, who replaced Mike Pisano as NextGen's CEO last summer.
"We will use our own product plasma and CSF assays to enable focus on oncology and CNS therapeutic areas, respectively," Rosenau continued. "That we are focusing on biomarker discovery and qualification for these major therapeutic areas will serve as 'conversation starters' across all customer segments in these markets."