Retroscreen Virology Group PLC Trading Update (3030T)
December 12 2012 - 2:00AM
UK Regulatory
TIDMRVG
RNS Number : 3030T
Retroscreen Virology Group PLC
12 December 2012
For immediate release 07.00: 12 December 2012
RETROSCREEN VIROLOGY GROUP PLC
("Retroscreen" or the "Company")
TRADING UPDATE
Retroscreen Virology Group plc (AIM: RVG), the viral challenge
and "Virometrics" specialist, is pleased to announce a trading
update ahead of its year end.
The Company expects to report revenues for the year ending 31
December 2012 in excess of GBP13.0 million (Year ended 31 December
2011: GBP4.27 million), with gross margin and net loss ahead of
market expectations.
Significant revenue growth is being achieved from Retroscreen's
solid pipeline of Viral Challenge Model ("VCM") client engagements,
which are now running in parallel with Retroscreen delivery moving
through the VCM phases of protocol design (and ethics approval),
volunteer recruitment and viral challenge quarantines. The revenue
growth is principally due to the increased number of quarantines
conducted during 2012, together with the study set-up and volunteer
recruitment for a number of new VCM engagements with quarantines
due to commence in 2013.
The Company is also delighted to announce the inoculation of our
1,000(th) volunteer on 10 December 2012.
Kym Denny, Chief Executive Officer, commented, "I am thrilled by
our revenue growth and delivery against a robust VCM pipeline,
which continues to build steadily with clients holding firm against
their VCM quarantine reservations booked months ahead. Our
1,000(th) volunteer is a fantastic achievement and endorsement of
Retroscreen's championing of the VCM and the pharmaceutical
industry's increasing awareness of the benefits of the VCM in
accelerating drug development and product decision-making.
Retroscreen remains focussed on revenue growth, developing capacity
and pioneering the VCM as a new way to conducting clinical trials
in the development of drugs against virus. We are building solid
foundations to scale our growth and it is tremendously fulfilling
to see that the outcome of this investment will be reported in our
2012 financial results."
The Company expects to announce its results for the 2012
financial year in early April 2013.
For further information please contact:
Retroscreen Virology Group plc +44 207 756 1300
Kym Denny (CEO)
Graham Yeatman (FD)
Numis Securities Limited +44 207 260 1000
Michael Meade / Freddie Barnfield (Nominated Adviser)
James Black / Michael Burke (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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