Abzena PLC (LON:ABZA) saw revenue jump by 89 percent to £18.7 million in the year to March-end, with underlying growth up 41 percent.
The London-listed bio-pharmacetuical group saw a substantial revenue increase from the £19.9 million posted a year earlier. John Burt, Abzena’s CEO, commented:
“The past 12 months have been a combination of integration and preparing the Group for significant growth. Integration of our US sites into the Abzena Group is starting to deliver the expected revenue synergies.
“We are increasingly seeing our partners utilise our services on a repeat basis and engage with the range of services across the domains of biology, chemistry and manufacturing. The business now has a solid platform from which to expand.”
He added: “The recent fund raising from current and new investors gives us the means to establish the capacity to meet the increasing demand for our integrated services and will accelerate our progress towards profitability.”
The growth in revenues was in part stimulated by a reduction in full-year underlying losses by 17 percent to £7.9 million, down from £9.5 million the year previously.
Back in April, the company announced plans to raise £25 million to invest in future growth and “sustainable profitability”.
The company revealed that the funding would be used to develop and upgrade the group’s bio-manufacturing technologies and capabilities.
At the time of the announcement, in a statement CEO John Burt said:
“Our existing and prospective customers are developing novel but complex biological therapies for a wide range of diseases, from rare genetic childhood disorders to cancer,”
He added: “Our experience and reputation as a biopharma service and technology provider continues to grow and as a result our customers’ demand is currently outstripping our capacity.”
Abzena has been listed on the London Stock Exchange since 2014, and is headquartered in both the U.K in Bristol and Cambridge and the U.S in San Diego. The company has developed even antibodies using its technologies to help patients, which are currently under clinical trial.
Shares in Abzena are currently up 2.14 percent as of 13.43PM (GMT).