TIDMYGEN
RNS Number : 6479Z
Yourgene Health PLC
22 September 2020
Yourgene Health plc
("Yourgene" or the "Company")
AGM statement
Manchester, UK - 22 September 2020: Yourgene (AIM: YGEN), the
international molecular diagnostics group, will be holding its
Annual General Meeting (AGM) at 4:00pm today.
At the meeting, Adam Reynolds, Non-executive Chairman, will make
the following statement:
I am delighted to welcome longstanding and recent shareholders
to our AGM. Whilst the pandemic has presented serious challenges to
individuals, communities and businesses worldwide, these are
nevertheless encouraging times for Yourgene investors given the
exciting opportunities we are cultivating for delivering continued
growth, not only through the recently enlarged core business but
also through deploying our capabilities to the global fight against
COVID-19.
Our full year results for the year ended 31 March 2020
demonstrated strong organic growth across the Group and underlined
the benefits of two strategic acquisitions in the UK and France.
Notably, the Group also recorded its first profits at an adjusted
EBITDA level. The new financial year started with much of the world
in lockdown, however our core business has proved resilient and,
along with the launch of our Clarigene(R) SARS CoV-2 test and with
the recent acquisition of Coastal Genomics, we have created a
stronger foundation for the business in the coming years.
Following the CE mark and subsequent launch earlier this month
of I ONA(R) Nx NIPT workflow , our new NIPT format developed for
the Illumina platform, we are very pleased with the early progress
made to transition key customer accounts to I ONA(R) Nx with
everything proceeding to plan. Our French subsidiary, AGX-DPNI
S.A.S. (acquired in March 2020) is on track to hit its first
performance milestone and has already transitioned two key
customers labs to I ONA(R) Nx. The remaining target customers are
all scheduled for transition over the coming weeks. Additionally,
the targeted roll-out of I ONA(R) Nx in new territories is
progressing with regulatory submissions underway and negotiations
with new customers advancing in the EU, Japan and Australia.
This time last year we announced the establishment of our
US-based operations and our first customer revenues. Despite the
impact of COVID-19 on UK-US trading, we have not stood still and we
have a number of initiatives which are now starting to bear fruit.
Yesterday we announced a new US distributor agreement with
Immuno-Biological Laboratories Inc, which covers several of our PCR
tests, but particularly our DPYD assay for Research Use Only at
first, a product which is already selling well in Europe and has
been approved in Australia. Pleasingly, we already have a healthy
pipeline of material opportunities based around the Yourgene Flex
(TM) software platform and the recently acquired Coastal Genomics
business: we will update shareholders as these opportunities
crystallise and which we expect to contribute revenue from the
second half of the current financial year onwards.
Last month we announced that our Clarigene(R) SARS-CoV-2 in
vitro diagnostic kit received CE-IVD marking and we are close to
submitting the assay to regulatory authorities in a number of other
regions. We have also expanded our testing capacity for our own
high throughput COVID-19 service lab in Manchester which utilises
Clarigene(R). The expansion and custom refit of our Manchester
laboratories will see us routinely processing c10,000 tests per
month from early October and we are utilising some of the recent
fundraising proceeds to further materially expand capacity in the
coming quarter. As well as existing arrangements already announced
, w e are in advanced stages of negotiations with a number of
public and private partners who are seeking a dependable UK testing
provider to offer a quick and reliable confirmation of COVID-19
infection. We therefore believe our growing pipeline will deliver
significant capacity utilisation between now and March 2021.
Alongside the above initiatives, we are progressing our strategy
to become a full lifecycle partner in the molecular diagnostics
industry and we are expanding our genomic research services
offering to pharmaceutical and other research organisations from
our Manchester and Taipei laboratories, with further international
coverage under review.
Overall, we have a strong pipeline of opportunities and remain
confident about our prospects for future growth in our core
business whilst also benefitting from near-term accretive revenues
from our COVID-19 solutions.
The Company's CEO, Lyn Rees, will provide shareholders with a
short presentation via the Investor Meet Company platform after the
formal business of the AGM concludes and there will be an
opportunity for investors to ask questions. Investors can sign up
to Investor Meet Company for free and register for the Yourgene
Health meeting via:
https://www.investormeetcompany.com/yourgene-health-plc/register-investor
The presentation recording and responses to investor questions
will be made available on the Investor Meet Company platform at the
earliest opportunity.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Yourgene Health plc Tel: +44 (0)161 669 8122
Lyn Rees, Chief Executive Officer investors@yourgene-health.com
Barry Hextall, Chief Financial Officer
Joanne Cross, Director of Marketing
Cairn Financial Advisers LLP (NOMAD) Tel: +44 (0)20 7213 0880
Liam Murray / James Caithie / Ludovico
Lazzaretti
N+1 Singer (Joint Corporate Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Tom Salvesen / George
Tzimas
Stifel Nicolaus Europe Limited (Joint Tel: +44 (0)20 7710 7600
Corporate Broker)
Nicholas Moore / Matthew Blawat / Ben
Maddison
Walbrook PR Ltd (Media and Investor Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com
Relations)
Paul McManus / Lianne Cawthorne Mob: 07980 541 893 / Mob: 07584
391 303
About Yourgene Health plc
Yourgene is an international molecular diagnostics group which
develops and commercialises genetic products and services. The
group works in partnership with global leaders in DNA technology to
advance diagnostic science.
Yourgene develops and commercialises simple and accurate
molecular diagnostic solutions, for reproductive health and
molecular genetics. The Group's products include non-invasive
prenatal tests (NIPT) for Down's Syndrome and other genetic
disorders, Cystic Fibrosis screening tests, invasive rapid
aneuploidy tests, male infertility tests and genetic disease tests.
Yourgene's commercial footprint is already established in the UK,
Europe, the Middle East, Africa and Asia.
Our product development, research service and commercial
capabilities extend across the lifecycle of genetic test
development including regulatory submissions. Through our technical
expertise and partnerships, Yourgene is also extending its genetic
testing offering into oncology.
Yourgene is headquartered in Manchester, UK with offices in
Taipei, Singapore, the US and Canada and is listed on the London
Stock Exchange's AIM market under the ticker "YGEN". For more
information, visit www.yourgene-health.com and follow us on twitter
@Yourgene_Health.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking
statements. These forward-looking statements are not historical
facts but rather are based on the Company's current expectations,
estimates, and projections about its industry; its beliefs; and
assumptions. Words such as 'anticipates,' 'expects,' 'intends,'
'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions
are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject
to known and unknown risks, uncertainties, and other factors, some
of which are beyond the Company's control, are difficult to
predict, and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
The Company cautions security holders and prospective security
holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the
date of this announcement. The forward-looking statements made in
this announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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END
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