Navigation Links
The Binding Site Announces Trading Update for Year Ended September 30th 2008

BIRMINGHAM, England, November 11 /PRNewswire/ --

- Revenues Expected to be up 26%, Freelite(TM) Sales up More Than 50%

The Binding Site Limited ("The Binding Site" or the "Company"), a privately-owned specialist UK diagnostics company, today announces a trading update for the year ended 30th September 2008. The full audited results will be announced in early December 2008.

Revenues are expected to be GBP38.9 million, representing sales growth of approximately 26% in comparison to the previous financial year. The Company has seen strong growth across all its major markets, with approximately 25% growth in revenues in the U.S. and similar growth rates seen in Europe and emerging markets.

The progress has been driven by continued strong demand for Freelite(TM), which is used for the diagnosis and monitoring of multiple myeloma, a cancer of cells in the bone marrow. Sales of Freelite are expected to be up by around 52% at GBP12.6 million in the year to the end of September, underlining the increasing acceptance of the product.

Autoimmune product sales increased approximately 22% to GBP13.6 million year on year, strongly outperforming their market as The Binding Site gained market share and increased its level of new business. The performance was buoyed by the solid growth of newly introduced products and a rise in the base of installed instruments. Sales from the Company's core products business have increased by around 10% to GBP12.7 million in the period, supported by continuing technical improvements and promotional activities.

Commenting on today's announcement, Paul Duncan, Chief Executive Officer of The Binding Site, said:

"This has been an excellent year for The Binding Site and we expect the considerable growth in revenues to be reflected in a strong increase in EBITDA figures. Freelite continues to gain market recognition, with more than 100 scientific publications appearing during the last 12 months. With current sales of over GBP12 million and an anticipated continued annual growth rate of more than 50% for the next few years, the prospects for this novel product are now firmly established.

"We expect the Company's current strong performance to continue into 2009 and are confident that the product portfolio will continue to deliver exceptional results. In addition, we are investing heavily in our pipeline to further drive future performance and deliver long term growth."

Notes to Editors:

About The Binding Site

The Binding Site Ltd. is a British based company specialising in the research, development and production of immunodiagnostic kits and reagents. The Binding Site manufactures a wide range of high quality and innovative products used in clinical laboratories world-wide. The business is divided into three main areas:-

Freelite(TM), a novel and highly significant assay increasingly used for the diagnosis and monitoring of multiple myeloma (MM), a cancer of cells in the bone marrow. MM is the second most common blood cancer after non-Hodgkin's lymphoma. Considered almost untreatable only 20 years ago, huge strides have been made in the successful treatment of multiple myeloma with new drugs becoming available and new treatment regimes being assessed. Freelite has been used as a sensitive marker for the efficacy of some of these newer treatments and has helped clinicians gain a clear understanding of how some of these drugs are benefiting their patients. Furthermore, with numerous different therapies now available, treatment decisions which may have taken weeks or months can now be made in days thanks to the availability of sensitive and reliable results using Freelite. National and International guidelines for the diagnosis and treatment of multiple myeloma and associated cancers now include Freelite results as a requirement for monitoring the treatment of patients. Numerous clinical trials are underway to look at the use of Freelite in a range of other malignancies as well as how the results may radically change the management of complications such as renal disease in cancer patients. There are currently approximately 1.5 million Freelite tests performed per annum with the number of analyses increasing at a rate of approx. 50% p.a.

The diagnosis and treatment of patients suffering from autoimmune diseases (caused when the body is unable to distinguish between foreign and self). Many common diseases such as Rheumatoid Arthritis are autoimmune in origin and The Binding Site manufactures a range of diagnostic assays and reagents used in hospital laboratories worldwide to help diagnose and monitor the treatment of these diseases, e.g. antiphospholipid syndrome, vasculitis and coeliac disease.

Products used for the detection of immunodeficiency. These include the inherited or acquired disorders of the immune system and products used in donor selection and manufacture of vaccines. The Binding Site has been and remains a market leader in products for the investigation of these diseases.

For more information please see

Freelite(TM) is a registered Trademark of The Binding Site Ltd., Birmingham, U.K.


The Binding Site

Paul Duncan

Tel: +44-121-436-1000

Financial Dynamics

Jonathan Birt / Lara Mott

Tel: +44-20-7269-7182

SOURCE The Binding Site Limited
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. ProImmune Launches New MHC-Peptide Binding Assay for Class II HLA Alleles
2. Awareness of Genzymes Renvela(R) (Sevelamer Carbonate) is High, Although Uptake of this New Phosphate Binding Agent has Been Slower than Nephrologists and Renal Dietitians Initially Expected
3. Rosetta Genomics Executes Binding Term Sheet to Acquire U.S. CLIA-Certified Lab to Expedite Commercialization of Diagnostic Tests
4. Daiichi Sankyo and Ranbaxy Confirm Deal Is Binding and Final, Allay Market Rumour and Speculation
5. Favrille Announces Execution of Non-binding Term Sheet for a Merger Transaction
6. Dendreon Announces Publication of Phase 1 Study Highlighting Immunologic and Clinical Activity of Lapuleucel-T (Neuvenge(R)) in Advanced Breast Cancer Patients
8. Emisphere Technologies, Inc. Announces Pricing of Registered Direct Offering
9. BioLife Solutions Announces Exclusive CryoStor(TM) Supply Agreement With the New England Cryogenic Center, Inc.
10. Carrington Announces Nasdaq Communication; Prepares for Shares to Be Quoted on the OTC Bulletin Board and Pink Sheets
11. China Kangtai Cactus Biotech Files 2nd Quarter 2007 10QSB and Announces Unaudited Quarterly Results
Post Your Comments:
(Date:11/25/2015)... 25, 2015 Orexigen® Therapeutics, Inc. (Nasdaq: ... a fireside chat discussion at the Piper Jaffray 27th ... . The discussion is scheduled for Wednesday, December 2, ... .  A replay will be available for 14 days ... , Julie NormartVP, Corporate Communications and Business Development , ...
(Date:11/24/2015)... HILLS, N.J. (PRWEB) , ... November 24, 2015 , ... ... as the recipient of the 2016 USGA Green Section Award. Presented annually since 1961, ... golf through his or her work with turfgrass. , Clarke, of Iselin, ...
(Date:11/24/2015)... Worcester, Mass. (PRWEB) , ... November 24, 2015 ... ... need to maintain healthy metabolism. But unless it is bound to proteins, copper ... Institutes of Health (NIH), researchers at Worcester Polytechnic Institute (WPI) will conduct a ...
(Date:11/24/2015)... --> --> ... Synthesis Market by Product & Services (Primer, Probe, Custom ... RNAi), End-User (Research, Pharmaceutical & Biotech, Diagnostic Labs) - ... is expected to reach USD 1,918.6 Million by 2020 ... of 10.1% during the forecast period. Browse ...
Breaking Biology Technology:
(Date:10/29/2015)... 2015 Daon, a global leader in mobile ... a new version of its IdentityX Platform , ... America have already installed IdentityX v4.0 and ... FIDO UAF certified server component as an ... FIDO features. These customers include some of the largest ...
(Date:10/29/2015)... 2015  Connected health pioneer, Joseph C. Kvedar ... technology-enabled health and wellness, and the business opportunities that ... The Internet of Healthy Things . Long before ... existed, Dr. Kvedar, vice president, Connected Health, Partners HealthCare, ... moving care from the hospital or doctor,s office into ...
(Date:10/29/2015)... Today, LifeBEAM , a leader ... a global leader in technical performance sports clothing ... advanced bio-sensing technology. The hat will allow fitness ... biometrics to improve overall training performance. As a ... bring together the most advanced technology, extensive understanding ...
Breaking Biology News(10 mins):