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Source BioScience's H1 Revenues Increase 11 Percent

NEW YORK (GenomeWeb News) – Source BioScience reported today an 11 percent increase year over year in revenues for the first half of 2012.

For the six months ended June 30, total revenues came in at £8.4 million (US$13.3 million), up from £7.6 million a year ago, paced by a 22 percent jump in revenues within the Healthcare segment to £4.4 million from £3.6 million a year ago. Revenues in the firm's Life Sciences segment were flat at £4.0 million.

Within the Healthcare segment, Diagnostics operations, comprising histopathology, molecular diagnostics, and companion diagnostics, delivered a 10 percent increase in revenues year over year, the UK-based firm said. Molecular diagnostics, especially companion diagnostics, is seeing increased adoption by the National Health Service, Source Bio said, adding "[w]e believe this growing demand strengthens our commercial advantage."

In particular, it noted an 80 percent increase in demand for KRAS testing for colorectal cancer treatment.

In Life Sciences, the company said that during the first quarter issues with its high-throughput next-generation sequencing platforms led to machine down time for a period and a 30 percent loss of production capacity. The issues have been addressed, though, "and as the market for next-generation sequencing is growing strongly, we continue to experience increasing demand for these services," Source Bio said.

The company also announced in July an extended next-gen sequencing service based on Ilumina's MiSeq desktop sequencing platform in order to provide new markets and customers access to next-gen sequencing.

For the first half of the year, Source Bio posted a profit of £402,000, or .18p, compared to a net loss of £179,000, or .09p, a year ago.

Its R&D costs in the six months were down 15 percent to £106,000 from £125,000 a year ago, and its SG&A costs were lowered 3 percent to £3.2 million from £3.3 million.

Source Bio finished the first half of 2012 with £1.8 million in cash and cash equivalents.

The company today also announced that Robin Slinger has resigned as a non-executive director after eight years on Source Bio's board. Also, Robert Bakewell has joined the company's board. He has been with the firm since 2005 and became its finance director in 2011.

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