ANN ARBOR, Mich., Feb. 10 /PRNewswire/ -- Compendia Bioscience, Inc. today announced the results of a third productive year, including a 100 percent renewal rate from its customers. New customers and increased commitments from existing customers, including multi-year agreements from three of the Top 10 pharmaceutical companies, led to a greater than 300% revenue increase for the second consecutive year. Compendia's core product, Oncomine(TM), has become a standard in oncology research and drug development serving 15 of the Top 20 cancer companies in the world, and a growing number of smaller emerging companies. While revenue growth is expected to be more modest in 2009, the company is forecasting the first year of profitability for its Oncomine business unit.
"We are thrilled to achieve these positive results in such a challenging business environment," said Compendia co-founder and CEO Dan Rhodes. "Our customers are looking at their budgets very carefully and the results are a positive reflection on the value that our products and services bring to cancer drug development."
In addition to the recurring revenue from customers, Compendia received an additional financial boost from the Michigan's 21st Century Jobs Fund. The $1.75 million award from the State of Michigan is matched by private investment and will allow the company to expand its business into new strategic areas.
"We are pleased that this additional financial support will allow us to more fully leverage the Oncomine platform to change the practice of medicine," said Chief Business Officer John Freshley. "We have active projects in drug profiling, molecular diagnostics, and personalized medicine, which have the potential to make a rapid and significant clinical impact."
About Compendia Bioscience, Inc.
Compendia Bioscience is dedicated to harnessing the global collection of high throughput molecular data to provide r
|SOURCE Compendia Bioscience, Inc.|
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