- Over £800,000 of new drug combination and immuno-oncology service agreements signed
- FY16 molecular screening order book exceeds current operational capacity
- FY17 molecular screening order book in excess of £1.6 million
Cambridge, UK 1 November 2016: Horizon Discovery Group plc (LSE: HZD) ("Horizon"), the world leader in the application of gene editing technologies, today provides an update on the operation of its high-throughput molecular screening platform, which includes drug combination and immuno-oncology screening. Horizon announces the signing of more than £800,000 of new drug combination and immuno-oncology service agreements with revenue to be recognised in Q4 2016 and early 2017.
The Group notes that available high-throughput molecular screening capacity is now full for FY16 and in excess of £1.6 million of further agreements are now in place, to be recognised in FY17. In addition, significant additional work from these partners is anticipated following initial smaller pilot screens or as the start of a broader programme of drug combination screens, which could result in a further over £1 million in new molecular screening revenues in FY17.
The projects announced today include a sizeable drug combination study from a previous long-term top five pharma partner with a long history of working with Horizon for drug combination screening, and additional agreements with multiple top twenty pharmaceutical and emerging biotech companies. Each project varies in size and scope, from small screens involving a limited number of cell lines to far more complex work packages for testing highly promising novel compounds against large panels of cell lines. Individual molecular screening contracts vary from £40k to £400k and operate for between 1-4 months.
Dr. Darrin Disley, Chief Executive Officer, Horizon Discovery, commented: “Today’s announcement clearly demonstrates that our high-throughput molecular screening business is strong. As was recently announced, Horizon has taken the step to consolidate all screening operations from Boston, USA to Cambridge, UK. By doing so we have not only reduced our cost base but have also established a more efficient and integrated Services business platform, providing an engine for growth for a broad range of applications and markets. With a robust pipeline running at full capacity for the remainder of 2016 and building momentum for a strong Q1 and full year 2017, molecular screening remains a core driver of Horizon’s Services business and we look forward to the future with confidence.”