Cooke prepares recipe for personalised medicines success under fresh Lab21 menu
Clinical diagnostics business Novacyt, which has significant operations in Cambridge UK, lifted revenue 12 per cent to €7.2 million for the six months to June 30.
From Cambridge’s science & technology cluster, Lab21 revenue increased 17 per cent to €4m in the first half as a result of the incremental revenue from the Omega ID acquisition in June 2018.
Working capital constraints will apply the brake to full year profit and revenue but group CEO Graham Mullis says Novacyt has the situation under control.
He said: “We have continued to experience increasing demand for our products throughout 2019, which led to 12 per cent growth in sales in H1.
“However, this growth has been somewhat moderated by working capital constraints, which we continue to make good progress on resolving. As a result, this shortfall will impact our full year revenue and profit performance as we continue to work through our forward order book.
“With sufficient working capital, we will continue to build on the robust operational performance of our Primerdesign and Lab21 Products business units, which delivered record sales growth in a number of territories in H1.”
Lab21 – based in Milton – has been taken on by new owners and Tony Cooke, the CEO, has ambitious plans to grow the business. Founding member Cooke has come on board to head up the rejuvenated enterprise.
In the week starting November 11, the business will be relaunching as Cambridge Clinical Laboratories. The 15-year-old base business provides healthcare professionals worldwide with the most advanced oncology and HIV testing services from their UKAS accredited facilities.
The company has a rapidly growing portfolio of molecular and viral diagnostics, next generation sequencing, pharmacogenetic and patient profiling tests, all of which employ cutting-edge technology.
In the immediate future the company is seeking to highlight its test for prostate cancer and introduce a new test to help those with IBD as it steps up the focus on providing best-in-class personalised healthcare.
Tony Cooke has nearly 40 years’ experience in the diagnostics industry and vast business experience including: operations, quality, development and regulatory affairs.
That alongside his loyalty and relationship with the company make him the perfect person to guide the business into the next stage of its journey.
He plans to expand the portfolio and widen the geographic reach, working with the owners on where to invest. He is looking to develop relationships with diagnostic and pharma companies and expand the offering to the NHS.