Sydney, Mar 9, 2006 AEST (ABN Newswire) - Leading cell therapy company, CyGenics Limited (ASX: CYN), today announced its results for half year from 1 July to 31 December 2005.
Financial highlights:
- Revenue from ordinary activities increased by 89% to $3.7 million, up from $1.9 million for the half year ended 31 December 2004
- Revenue from cord blood banking services increased by 90% to $1.4 million, up from $761,000 for half year ended 31 December 2004
- Revenue from sales of products increased by 61% to $435,000, compared to $271,000 for the half year ended 31 December 2004
- Revenue from Government grants and contracts increased by 10% to $594,000, compared to $539,000 for the half year ended 31 December 2004
- Revenue from clinical and travel-related support services was $854,000
- Increase in revenue was in line with the group's internal projections
- Net loss increased by 30% to $3.5 million arising primarily from the amortisation of intangible assets of $0.9 million and costs associated with the preparation for clinical trials, compared to $2.7 million for the half year ended 31 December 2004
- Cash reserves of $11.3 million as at 31 December 2005
Business highlights:
- Expanded operations in all areas of business including expansion into Australia and Hong Kong, and preparative work for expansion into India
- CyGenics acquired a 51% controlling equity interest in BioCell Pty Ltd, Australia's second largest cord blood banking business
- CordLife received AABB accreditation by the organisation formerly known as the American Association of Blood Banks
Contact
Steven Fang, CEO, CyGenics Ltd
Mob: +61 (0)400 933 243
Email: steven.fang@CyGenics.com
Ian Brown, COO, CyGenics Ltd
Mob: +61 (0)438 565 212
Email: ian.brown@cygenics.com
Media Inquiries
Rebecca Piercy, Buchan Consulting
Ph: +61 (0)3 9866 4722
Mob: +61 (0)422 916 422
Email: rpiercy@bcg.com.au
Ronald Hee, CyGenics Ltd
Ph: +65 6238 0808
Mob: +65 9061 9098
Email:ronald.hee@cygenics.com
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