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UK s Genetix Reports 66 Percent Rise in H1 Revenues

NEW YORK, July 31 – British genomics and proteomics company Genetix Group said Tuesday its revenues for the first half of 2001 increased 66 percent to 7.3 million pounds ($10.4 million) compared with 4.4 million pounds in the year ago period, as sales of instruments and consumables rose.

"The first six months of the year have been focused on the long-term growth of the business, through increased investment in R&D and the launch of new products, particularly in proteomics, which will enhance prospects in the coming years," CEO Mark Reid said in a statement.

North America continued to represent the largest market for Genetix of New Milton, UK. Revenues stemming from this region totaled 3.4 million pounds, compared with 2.1 million from Euorpe and 1.9 million from the rest of the world.

During the first half of the year, Genetix launched several new products, including GelPix, an automated eight channel 2-D gel excision instrument used to identify and isolate proteins, QSelect, a clone library management robot, and an automated well plate washer marketed under the name QWash. The company also launched several new consumables for the microarray sector.

Genetix also signed licensing deals with the University of Nottingham and the University of Hertford for a DNA-based mutation detection system and computer software, respectively.

And the company opened new sales offices in Heidelberg, Germany and signed deals with distributors in Israel and throughout Europe. The company is planning to continue expanding its sales force, particularly in the US and the UK.

In the first half of the year, the company posted pre-tax earnings of 2.4 million pounds, compared with 1.7 million pounds in the year ago period. Earnings per share totaled 2.19 pence, compared with 1.96 pence in the first half of 2000.

Genetix did not disclose earnings on a quarterly basis.

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