Premaitha revenues soar in first half

12th Oct 2018 09:11

(Sharecast News) - Premaitha Health revenues soared in the first half of its trading year and that good momentum has continued into the second half.The AIM-listed molecular diagnostics group told investors on Friday that revenues had shot up 45% year-on-year to £3.9m and said that momentum seen in the first half had carried over to the beginning of its second half.Premaitha also noted that all required legal settlement actions relating to its patent infringement case had been completed over the claim filed by Illumina and Sequenom against Premaitha back in September 2017. The pair alleged that Premaitha's IONA test infringed upon a patent filed by Sequenom in 2003.The High Court said the application was "an abuse of the legal process" and that it should be struck out. No questions regarding the validity of the patent, nor the alleged infringement, were addressed in the proceedings."With the intellectual property litigation now behind us, the company is focused on capitalising on its global opportunity and driving growth," said chief executive Lyn Rees.He added: "I am pleased to report strong sales growth in the first half of the financial year and that this momentum has continued into the second half."Premaitha will publish the results of its first trading half on 3 December.As of 0925 BST, Premaitha shares had picked up 1.50% to 8.37p.