Premaitha Health PLC
(“Premaitha” or the “Company”)
Middle East laboratory network expansion
Manchester, UK – 27 November 2017: Premaitha Health PLC (AIM: NIPT), a leading international molecular diagnostics group focused on non-invasive prenatal testing (NIPT), announces further expansion of its Middle Eastern customer base, with four new laboratories having been signed up in the region.
Premaitha’s Middle Eastern distributors have secured four new laboratories seeking to offer the IONA® test to their respective population centres. Two of the laboratories will be installed before the end of 2017 and the other two will become operational in Q1 2018. Premaitha anticipates these four laboratories will perform an aggregate volume of over 12,000 NIPT tests per year once they are fully active, generating in excess of £0.6 million in annual revenues for the Company; and substantial revenues for its equipment partners.
Premaitha's IONA® test estimates the risk of a fetus being affected with Down's syndrome or other genetic conditions. The test is performed on a maternal blood sample, containing traces of fetal DNA, which is then analysed using next generation DNA sequencing technology. The test is highly accurate and significantly reduces the number of women who are unnecessarily subjected to risky, invasive follow up procedures to diagnose Down's syndrome and other genetic conditions.
Dr Stephen Little, CEO of Premaitha, commented: “We have put considerable effort into selecting high quality distributors who are knowledgeable in our field, and working with them to build awareness of NIPT and to develop effective propositions tailored to their markets’ particular needs. I am delighted to see this investment bearing fruit as we continue to expand our presence within the Middle East. Furthermore, Premaitha’s growing international customer base will, in time, provide a valuable commercial platform across which to sell other diagnostic panels that we are currently developing.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For more information, please contact:
Premaitha Health PLC
Dr Stephen Little, Chief Executive Officer
Barry Hextall, Chief Financial Officer
Joanne Cross, Head of Marketing
Tel: +44 (0)161 667 1053
Cairn Financial Advisers LLP (NOMAD)
Liam Murray / James Caithie
Tel: +44 (0)20 7213 0880
Adrian Hargrave / Scott Mathieson (Corporate Finance)
Andrew Burdis/Abigail Wayne (Corporate Broking)
Tel: +44 (0)20 7220 0500
Ben Simons / Fiona Henson / Antonia Pollock
Tel: +44 (0)20 7830 9700
Premaitha is an international molecular diagnostics group which uses the latest advances in DNA analysis technology to develop safer, faster and regulatory approved genetic screening tests. The Group’s primary focus is on non-invasive prenatal tests (NIPT) for pregnant women - an emerging, multi-billion dollar global market.
Premaitha’s IONA® test was launched in 2015 as the first CE-IVD NIPT test in Europe. It enables laboratories and healthcare practitioners to offer a complete CE-marked NIPT system in-house. The IONA® test is performed on a maternal blood sample – which contains traces of fetal DNA – and estimates the risk of a fetus being affected with Down’s syndrome or other genetic conditions.
Unlike existing prenatal screening methods, due to its high level of accuracy, the IONA® test can significantly reduce the number of women subjected to unnecessary invasive follow up diagnostic procedures, such as amniocentesis, which are costly, resource intensive and carry a risk of miscarriage.
In March 2017, Premaitha acquired Yourgene Bioscience, a specialist next generation sequencing and bioinformatics company based in Taiwan, with its own NIPT screening test that operates on the same Thermo Fisher next-generation sequencing platform as Premaitha’s IONA® test. Yourgene brings significant benefits to the Group through expanded market access in Asia – the world's fastest growing NIPT market – as well as opportunities for cross-selling and the ability to jointly develop expanded test content both within NIPT and beyond.
Premaitha is headquartered in Manchester, England, with Yourgene offices in Taipei and Singapore. Its shares trade on the AIM market of the London Stock Exchange (AIM: NIPT). For further information, please visit www.premaitha.com. Follow us on twitter @PremaithaHealth.