NEW YORK (GenomeWeb) – Oxford Gene Technology this week provided an update of its operations and finances for its fiscal year 2014, which ended on Sept. 30. For the first time ever, the privately held, Oxford, UK-based company reported its total and commercial revenues, a trend that OGT CEO Mike Evans said could continue as the firm raises its profile.
"Over the last 12 months, OGT has made a number of important operational decisions to help achieve our ambition to become a global leader in molecular genetics," Evans told GenomeWeb in an email.
He noted that the company's acquisition earlier this year of Cytocell, a leading manufacturer of probes for fluorescence in situ hybridization, not only has led to an increase in revenues for the company, but has also provided "an excellent platform to further raise the profile of OGT in the market place and we are keen to maintain this dialogue."
For the 12 months ended Sept. 30, OGT reported that total revenues grew 27 percent to £15.2 million ($18.9 million) from £11.9 million in fiscal year 2013, while commercial revenues jumped 54 percent to £11.9 million from £7.7 million in FY 2013.
OGT attributed the growth to the contribution from Cytocell FISH probe sales as well as increasing demand for its menu of CytoSure comparative genomic hybridization arrays and its Genefficiency next-generation sequencing services.
OGT acquired Cytocell, based in Cambridge, in March, gaining 350 products for cytogenetics, hematology, and solid tumor analysis, as well as a custom FISH probe offering. At the time of the deal, OGT said that Cytocell generated revenues of £4.5 million in 2013.
According to Evans, the acquisition and integration of Cytocell this year "delivered significant revenue growth, especially in North America" where OGT now sells direct via its New York office.
Meantime, OGT's CytoSure Medical Research Exome array, CytoSure Embryo Screen array, and SureSeq offering for next-generation sequencing sample preparation also drove organic growth and should continue to do so as the company enters its 2015 fiscal year.
OGT introduced its CytoSure Medical Research Exome array via an early access program earlier this year and launched the product commercially last month. Marketed as a complement to sequencing-based tests, the array contains enhanced coverage of 4,600 genes relative to medical research and grouped into disease- and syndrome-specific panels, as well as backbone coverage of the human genome.
In July, OGT launched Cytosure Embryo Screen for pre-implantation genetic screening. The chip includes eight, 60,000-spot arrays per slide for high-resolution, genome-wide aneuploidy and copy number detection in pre-implantation embryos, and supports the high-throughput analysis of 14 embryos per slide using single-color hybridization, making it ideal for use in embryo banking.
OGT has continued to focus on the reproductive genetics market in recent quarters. In October, the firm announced that it would commence a clinical trial of a new, microarray-based noninvasive prenatal test for Down syndrome. The study will include 700 blood samples run at three independent laboratories in Europe.
"This clinical trial has been designed to support the launch of a CE-IVD-marked product, which will allow laboratories to offer rapid and cost-effective NIPT," Evans said this week. "We are positive about the progress of this project and will be providing further updates in due course," he added. He did not elaborate.
Meantime, OGT launched its SureSeq Solid Tumor Panel in April. The 60-gene panel was validated on formalin-fixed, paraffin-embedded samples, and allows the discovery of new and known variants in a range of solid tumors. Evans said that similar panels are currently in development.
"These products will expand our SureSeq range and include targeted NGS panels that address specific diseases and enhanced sample preparation products that streamline the currently cumbersome NGS workflow," said Evans.
OGT also said that expansion of its sales and support infrastructure during FY 2014 contributed to its growth.
"We now have an international infrastructure supporting sales in over 60 countries," said Evans, noting that the year saw further expansion of OGT's sales and support infrastructure in the US, Canada, the UK, Germany, and France.
"We have made a number of important operational decisions this year to help further focus and grow the business," said Evans of the firm's prospects for 2015. "We now have an international infrastructure supporting sales in over 60 countries, a focused portfolio, and a strong development pipeline to take advantage of the continued high growth of the molecular genetics market," he said.