News

Osmetech losses widen

25 September 2008 08:34:00

Shares in US based molecular diagnostics business Osmetech fell sharply as it revealed widening half year losses.

Loss after tax from continuing operations was £6.6m for the six months ended 30 June 2008 compared with a loss of £5.7m before. The increased losses reflect rising investment costs at its molecular diagnostics business, it said. Revenue on continuing operations rose to £128,000 from £70,000 the year before.

The group said it, "sees a Nasdaq listing as an important step in the company's development" and believes it is a, "logical progression for the firm to increase its exposure in the US and improve access to the US capital markets."

Earlier this week the group signed an agreement with genetic test kit maker Qiagen to develop a system used to detect viruses in respiratory infections.

Looking ahead chief executive officer James White said, "The opportunities in the fast growing molecular diagnostics market remain highly attractive."

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