Inno-Gene posts dynamic sales growth in Q2 as new ventures prepare to start operations

Inno-Gene, the start-up genetics and biotech group, expects its newly created subsidiaries Genomix, which will develop diagnostic products for the pharmacy channel, and Medgenetix, which will conduct R&D work on personalised medicine solutions with a particular focus on individualised cancer therapies, to start operations in the third quarter of 2013 after the receipt of administrative permits for operating a R&D laboratory and performing healthcare activities, the group says in its quarterly report.

At present the main source of revenues for Inno-Gene are genetic testing services performed by Centrum Badan DNA.

In Q2 Inno-Gene enjoyed a 60% y-o-y jump in revenues, to PLN 0.67m (€0.16m), a sharp acceleration compared with the modest 3.8% increase recorded in Q1. As a result, for the first half of the year the group reported consolidated revenues up 23.1% y-o-y to PLN 1.48m (€0.35m).

The group also sharply narrowed its loss compared with Q2 2012, and reported a net profit of PLN 0.13m (€0.03m) for H1 2013.