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Premaitha Anticipates Preliminary Operating Loss of £4.9M to £5.3M

NEW YORK (GenomeWeb) – Premaitha Health today said that it anticipates an operating loss of between £4.9 million and £5.3 million ($7.8 million and $8.4 million) for its fiscal year 2015 ended March 15. 

The figures exclude the accounting treatment and costs associated with its reverse takeover by ViaLogy and its readmission to the London Stock Exchange's AIM market last year. The UK company said that costs incurred in fiscal 2015 included about £1 million to £1.2 million associated with the launch of the Iona non-invasive prenatal test. 

Also, Premaitha said it will create a provision of £500,000 to cover expected expenses related to litigation involving Illumina, which sued Premaitha in March alleging infringement of intellectual property covering NIPT technology.

Premaitha said it ended fiscal 2015 with £2.6 million in cash. 

"Premaitha is at the forefront of a revolution in prenatal screening, which will benefit pregnant women and healthcare professionals," Premaitha Chairman David Evans said in a statement. "Our intention is to accelerate the rollout of the Iona test by working closely with our partners, customers, and respective health authorities to make it as widely available to pregnant women as possible."