BioAnaLab announces an eight-fold increase in turnover during the second year of operation

26 April 2005

BioAnaLab Limited, a specialist contract analytical laboratory, has recently published its annual accounts for 2003-2004.

These show an overall increase in sales from £65,038 to £521,267. A large part was repeat work from existing clients, but analytical projects were started with new clients ranging from small biotech to major pharmaceutical companies. There was steady growth each quarter, and an overall net profit during the second half of the year.

A key factor behind this strong growth was the appointment of Dr Chris Cox as Director of Clinical Services in July 2003. Under his leadership, the company built a comprehensive quality system to meet regulatory standards and the exacting needs of clients.

BioAnaLab was founded in 2002 with the support of Isis Innovation Ltd, (the university technology transfer company) as a spin-out from Oxford University with funds from a consortium of private investors led by Oxford Technology 3 Venture Capital Trust. It is a prime example of a successful start-up company funded as a result of the VCT and EIS schemes. With an order book in excess of £1 million, the company expects to grow steadily and is currently recruiting new staff and raising some additional capital funds for enlargement of its facilities.

Dr Matthew Frohn of Oxford Technology 3 VCT said "Very few technology companies these days actually meet their business plan projections within their predicted time scales. BioAnaLab has met both its revenue targets and delivered consistently high quality analysis to its pharmaceutical clients."

Notes for editors

BioAnaLab is a laboratory which specialises in the analysis of biologic drugs like antibodies, vaccines, growth factors and hormones. It provides services to the pharmaceutical industry, as well as to clinical investigators, mainly in the measurement of drug levels in the body and immune responses. It won a "Best New Start-up Laboratory" award in 2003 and since then has increased its turnover approximately eight-fold.

Contact

Prof Geoff Hale
BioAnaLab Limited, The Magdalen Centre, Oxford Science Park, Oxford, OX4 4GA
Tel 01865 784470
Fax 01865 784482