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Source BioScience Posts 10 Percent First-Half 2011 Revenue Growth

NEW YORK (GenomeWeb News) – Source BioScience today reported first-half 2011 revenue growth of 10 percent driven by its LifeSciences business.

The Nottingham, UK-based provider of genetic analysis and diagnostics services reported total revenues of £7.6 million ($12.5 million) for the six months ended June 30, compared to £6.9 million for the first half of 2010.

The firm's LifeSciences business had revenue growth of 31 percent to £3.7 million and benefitted from the £2.1 million acquisition of ImaGenes in December 2010. Among the other drivers of growth for the segment were the launch of what the firm said is the world's largest clone and antibody library, as well as the installation of a second Illumina HiSeq 2000 sequencing platform in its Berlin facility.

Source's Healthcare division, which includes its diagnostics and screening services, had revenue growth of around 3 percent to £3.6 million from £3.5 million. Its PharmaBiotech division, which provides reference lab testing services and clinical trials support, saw its revenues decline to £400,000 from £500,000.

Source posted a net loss of £179,000, or .09p, for the first half of 2011, compared to a profit of £70,000, or .03p, for the first half of 2010.

Its R&D spending increased to £125,000 from £95,000, while its selling and distribution expenses declined to £555,000 from £675,000.

Source finished the first half with a cash balance of £3 million.

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