Ergomed plc Trading Statement (2961U)

TIDMERGO

RNS Number : 2961U

Ergomed plc

17 January 2017

Ergomed to report very strong 2016 revenue growth and order backlog;

Poised for significant clinical milestones in 2017

Year on year revenue increase of 26%

Significant corporate milestones achieved

Development of Haemostatix products on track

London, UK - 17 January 2017: Ergomed plc, (LSE: ERGO or 'Ergomed') a UK-based company dedicated to the provision of specialised services to the pharmaceutical industry and the development of new drugs, provides a business update for the year ended 31 December 2016. The company will provide further details on the year-end performance at its 2016 Preliminary Results at the end of March.

Highlights

-- Unaudited 2016 revenues expected to be approximately GBP38 million - up 26% from GBP30.2 million in 2015

   --    Approximately GBP42 million of contracts were won in 2016 up 50% from GBP28 million in 2015 
   --    Exited year with backlog of contracted future work of approximately GBP70 million 

In addition to a strong revenue performance, Ergomed recorded a number of important corporate milestone events in 2016, including:

   --    An institutional share placing, raising gross proceeds of GBP9.2 million (May 2016) 

-- Acquisition of Haemostatix, a company focused on developing innovative products for surgical bleeding (May 2016)

-- Acquisition of O+P and GASD, respectively CRO and biostatistics specialist companies, both based in Germany (June 2016)

-- Acquisition of PharmInvent, a leading European pharmacovigilance and regulatory services business (Nov 2016)

-- An agreement with Asarina AB for the co-development of sepranolone for the treatment of PMDD (Nov 2016)

Dr Miroslav Reljanovic, CEO of Ergomed plc said: "I am proud of our achievements in 2016. Ergomed delivered another year of very strong top-line growth while succesfully executing our strategy of broadening both our Services offering and product development portfolio.

"In the next few months we look forward to clinical milestones from two of our co-development partners; lorediplon Phase II results in insomnia and also Zoptrex Phase III results in endometrial cancer. Development of our own proprietary products are also on track and we will initiate a Phase IIb study for our lead product PeproStat(TM) in the first half of this year from which we expect headline data to be available early in 2018.

"With a significant proportion of revenue already secured and a series of upcoming development milestones, 2017 should be another exciting year for Ergomed."

- ENDS -

Enquiries:

 
 Ergomed plc                         Tel: [phone] 
                                      503205 
 Miroslav Reljanovic (Chief 
  Executive Officer) 
 Stephen Stamp (Chief Financial 
  Officer) 
 
 Numis Securities Limited            Tel: +44 (0) 20 
                                      7260 1000 
 Michael Meade / Freddie Barnfield 
  (Nominated Adviser) 
 James Black (Joint Broker) 
 
 Stifel Nicolaus Europe Limited      Tel: +44 (0) 20 
                                      7710 7600 
 Jonathan Senior (Joint Broker) 
 
 FTI Consulting - for UK enquiries   Tel: +44 (0) 20 
                                      3727 1000 
 Simon Conway / Mo Noonan / 
  Natalie Garland-Collins 
 
 MC-Services - for Continental       Tel: [phone] 
  European enquiries 
 Anne Hennecke 
 

About Ergomed

Ergomed plc is a profitable UK-based business providing drug development services to the pharmaceutical industry and has a growing portfolio of co-development partnerships. It operates in over 50 countries.

Ergomed provides clinical development, trial management and pharmacovigilance services to over 100 clients ranging from top 10 pharmaceutical companies to small and mid-sized drug development companies. Ergomed successfully manages clinical development from Phase I through to late phase programmes.

Ergomed has a wide therapeutic focus, with a particular expertise in oncology, neurology and immunology and the development of orphan drugs. Ergomed believes its approach to clinical trials is differentiated from that of other providers by its innovative Study Site Management model and the use of Study Physician Teams, resulting in a close relationship between Ergomed and the physicians involved in clinical trials.

As well as providing high quality clinical development services, Ergomed is building a portfolio of co-development partnerships with pharma and biotech companies which share the risks and rewards of drug development. Ergomed leverages its expertise and services in return for carried interest in the drugs under development. Lastly, Ergomed recently acquired a pipeline of proprietary development products for haemostasis in surgical settings. For further information, visit: http://ergomedplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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January 17, 2017 02:00 ET (07:00 GMT)