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Source BioScience Wins Sequencing Contract; Preliminary H1 2011 Revenues up 10 Percent

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Source BioScience said today that it has been awarded a contract to provide DNA sequencing to two Irish universities, and separately announced that revenues for the first half of 2011 are anticipated to grow 10 percent year over year.

The UK-based company said that it has been given a two-year contract by Trinity College Dublin and University College Dublin as a preferred supplier of DNA sequencing. The contract is worth at least £300,000 ($491,843) per year, Source Bio said, adding that the universities have an option to extend the contract to a third year.

Source Bio will provide its sequencing services to the universities from its Dublin laboratory.

The contract announced today follows the granting of a contract to the company at the end of 2010 by the Research Councils UK Shared Services Centre.

Separately, Source Bio preliminarily reported a 10 percent uptick in revenues year over year for the first six months of 2011, though it did not provide the actual numbers. The company plans to report its first-half 2011 earnings on Aug. 23.

Its LifeSciences business grew by more than 20 percent, supported by the imaGenes business it acquired in December, it said.

Operating loss is anticipated to be £200,000 after accounting for non-recurring and restructuring costs of £400,000 associated with the integration of the imaGenes acquisition. Adjusting for those costs, operating profit is expected to be more than £100,000, compared to an operating profit of £17,000 a year ago.

The company said that evidence points to "more cautious spending" by academic researchers in the UK and the rest of Europe as a result of uncertainty surrounding government funding, but, "We do not believe this has impacted our sales growth to date nor will do in the near future.

"We are very competitive with our service and product offering and maintain a strong pipeline of projects which we expect to mitigate any uncertainty in the short term," Source Bio said.

The company's Healthcare business performed robustly during the first half of the year, the firm said, and as expected, it saw a shift in demand away from traditional histopathology-based diagnostic services to gene-based diagnostic testing.

"As the volume of testing increases for molecular diagnostics, we will be able to drive further operational efficiencies into our laboratories, as we have been able to with our traditional histopathology business," Source Bio said.

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