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NextGen Reports $948K in H1 2011 Revenues, Inks $700K in New Biomarker Discovery Panel Business

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This story has been updated to correct a statement regarding H1 revenues from NextGen's biomarker qualification panels.

Protein biomarker firm NextGen Group reported this week $948,279 in revenues for the first half of 2011, up 34 percent from $708,831 a year ago.

According to a business summary released with its financial results, the company also inked a $700,000 deal in June with an undisclosed client for biomarker qualification using its plasmadiscovery41 product – a panel of 41 plasma proteins thought to be potential biomarkers for breast, prostate, and lung cancer. That revenue will be reflected in its H2 results.

For the six months ended June 30, the company reported a net loss of $1.59 million, compared to a net loss of $1.74 million in H1 2010.

During H1, NextGen embarked upon a reorganization of its business, moving into the plasma biomarker discovery space by launching a series of protein biomarker panels aimed at various therapeutic areas (PM 03/18/2011).

Previously the company had focused on providing custom biomarker services for pharma and biotech firms, Barry McAleer, CEO of NextGen Sciences, a wholly owned subsidiary of NextGen Group, told ProteoMonitor upon the launch of the panels. Moving into the discovery panel space was an immediate tactical approach to generating cash, as well as "a way of finding more lucrative projects" in the diagnostics and personalized medicine space, he said.

In addition to the June plasmadiscovery41 deal, the company in August announced it had signed an agreement with the University of Nebraska for use of its csfdiscovery43 biomarker discovery assay to investigate biomarkers associated with cognitive abnormalities in patients chronically infected with HIV (PM 08/19/2011).

During H1, NextGen also completed a placement of 927,410,000 ordinary shares, raising £927,410 ($1.5 million).

As of June 30, the company had $28,533 in cash and cash equivalents.

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