Biocompatibles forecasts profitability from H1 and raises guidance for full year

Biocompatibles International PLC (LON:BII) said it has made a strong start to the 2010 financial year. It expects to report a net profit for the first half in August and then remain in profit.

In a statement prepared for today’s AGM, the medical technology company is increasing its guidance for 2010 revenue from £28-32 million to £31-34 million and on 2010 closing cash from £25 million to £26 million.

Biocompatibles will provide guidance on profit expectations for the 2010 full year with the announcement of interim results, in August 2010; and 2011 sales and profit guidance early in 2011.
The Oncology Products division is trading ahead of board expectations, as a result of strong Bead Products' sales in each of the three main geographic markets - the United States, Europe and Asia. Conditions in the Brachytherapy market remain challenging.

In the Licensing Division, CellMed is also making good progress. The GLP-1 Diabetes clinical programme is on plan, and the €4million manufacturing investment plan is on track to deliver a significant increase in Novabel production from early 2011. Novabel is a registered trademark of Merz Pharmaceuticals GmbH, Biocompatibles' licencee.

Biocompatibles’s Oncology Products division supplies medical devices from facilities in Farnham, UK and Oxford, CT. These include Drug-Eluting Bead Products which are used in more than 40 countries for the treatment of primary liver cancer (HCC), liver metastases from colorectal cancer, and other cancers; and Brachytherapy products (Radiation-Delivering Seeds) which are used in the treatment of prostate cancer.

The distribution partners include AngioDynamics Inc, Terumo Corporation and Eisai Co. Ltd, and Biocompatibles has a clinical collaboration agreement with Bayer Healthcare Pharmaceuticals Inc.

The group’s Licensing Division includes CellMed, in Alzenau, Germany, which is developing a Drug-Eluting Bead product for the treatment of stroke, based on proprietary stem cell technology; a GLP-1 analogue for the treatment of diabetes and obesity partnered with AstraZeneca (LON:AZN); and a cosmetic Dermatology Bead partnered with Merz Pharmaceuticals GmbH. It also has a PC Licensing agreement with Medtronic Inc. in the field of Drug-Eluting Stents.

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