17 Dec BioAscent reports third year of high double-digit growth
BioAscent is forecasting another year of significant growth, projecting revenue of £6.8m/€9.1m in 2021. This third consecutive year of high double-digit growth reflects the company’s increasing reputation for providing science-led and cost-effective integrated drug discovery services to the global biopharmaceutical industry.
Since establishing its integrated drug discovery offering in 2018, BioAscent has achieved average year-on-year growth of 120% for its integrated discovery projects, along with near 40% year-on-year growth for its more established compound storage and management services.
To support the increasing number of drug discovery projects, BioAscent continues to invest in its team – with headcount growing to 71 by the end of 2021, up from 44 at the same time last year – and capital equipment, with almost £2m invested this year.
Commenting on the financial performance, Paul Smith, BioAscent’s CEO, remarked: “We reported earlier on how our compound management services were finding favour with biotechs and start-ups, however, this has been an even more spectacular year for our integrated drug discovery services, where we have more than doubled our revenue in the past year. These results are due to our unswerving belief in some fundamental principles: recruit the best drug discovery scientists; arm them with the best equipment; and give them the best facilities in which to operate. As such operating profits are reinvested into the business and we have grown to take up a third of the space at BioCity Glasgow. With these foundations in place, 2022 looks to be an even more successful year with a strong project pipeline in place, and advanced plans to expand laboratory space.”