Cognitive testing products provider, CogState (ASX:CGS) has reported positive cash flows for the year to 30 June 2009.
It has been a banner six months for the company, as the CGS share price has almost doubled, to 28 cents.
Cash reserves at 30 June 2009 totalled $3.0 million. This is an increase of $2.0 million from the $1.0 million of cash reserves held at 30 June 2008.
The increase in cash reserves was driven by a net cash inflow from operations of $1.1 million along with the proceeds of the capital raising undertaken by CogState in July and August 2008.
CogState specialises in the development and commercialisation of rapid, computerised tests of cognition (brain function).
The tests are sold to pharmaceutical, biotechnology, nutraceutical and functional food companies to quantify the effect of drugs or other interventions on human subjects participating in clinical trials.
Since sales into the clinical trials market began in 2004, CogState has secured agreements with organisations including Pfizer, AstraZeneca, GlaxoSmithKline, Merck, Johnson & Johnson, Novartis, Lundbeck, Dainippon Sumitomo, Otsuka, Servier,
CogState has no external debt. At 30 June 2009, Net Assets totalled $4.9 million, an increase of $3.0 million from the $1.9 million Net Assets at 30 June 2008.
The business turnaround began for Cogstate in the June 2008 quarter and has continued throughout the 2009 financial year.
CogState continues to experience positive trading conditions, with more than $4 million of sales proposals currently outstanding.
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