Cellestis posts fourfold jump in revenue
Friday, 09 August, 2002
Infectious disease detection test developer Cellestis (ASX:CST) has posted a greater than fourfold jump in revenue to end the full year at $583,000.
But the Melbourne company recorded an overall net loss of $1.6 million for the year to June 30, up from $283,000 the previous year, as it ramped up all areas of expenses.
The growing level of expenses is understandable given the company has been in existence just 18 months and listed on the Australian Stock Exchange last year.
According to the preliminary final report lodged with the ASX today, the majority of expenses have gone on management and administration costs, with $1.3 million spent in the past year compared with $374,000 the previous year.
Just over $360,000 was spent on research and development, compared with $31,000 the previous year, with $563,000 going on marketing expenses, up from $2,000 the previous year.
The company's cash reserves currently sit at $7.1 million, down from $9.4 million in the previous corresponding period.
Managing director Dr Tony Radford is currently in the United States and no other company spokesperson for Cellestis was available for comment on the figures.
Cellestis raised $10 million through its initial public offering and late last year gained approval from the US Food and Drug Administration for its QuantiFERON-TB test for latent tuberculosis.
The company was formed in 2000 to research, develop and market QuantiFERON technology products, which represent a whole blood method for detecting cell mediated immune responses from blood samples to detect and monitor infectious disease and other medical conditions.
It currently has two products based on the technology, namely QuantiFERON-CMI and QuantiFERON-TB, with other products under development.
In May, the company entered a collaboration with Japanese company Nichirei Corporation for the clinical testing, registration, marketing and distribution of its TB test.
At the time of writing shares in Cellestis were trading 1.25 per cent, or 2 cents, lower at $1.58.
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