This story originally ran on Feb. 1.
French biotech firm Hybrigenics this week reported €6.6 million ($8.7 million) in revenues for 2011, up 45 percent from €4.5 million in 2010.
Of that, €4.1 million came from the firm's proteomics and protein interaction services division Hybrigenics Services, representing a 17 percent increase over the €3.5 million in sales the division reported for 2010.
The remainder of Hybrigenics' 2011 revenues came from its pharma division, which reported revenues of €1.89 million, a 373 percent spike from €400,000 in 2010. This jump was driven mainly by the signing of a collaboration contract with pharma firm Servier exploring de-ubiquitinating enzymes as drug targets (GWDN 10/11/2011).
Hybrigenics' services division has traditionally provided the bulk of the company's revenues and over the last five years has posted average compounded growth of 14 percent per year, the company said in a statement.
The business uses yeast two-hybrid systems to discover novel protein interactions in cells, validate protein interactions, and study the inhibition of interactions between proteins. Its clients include firms like Pfizer, GlaxoSmithKline, and L'Oreal, as well as academic customers like Harvard and Johns Hopkins University.
In 2010, the company created Hybrigenics Services as a fully-owned subsidiary housing its services business (PM 7/9/2010).