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cryosite ltd (CTE) Snapshot

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10/30/13 - A$0.67
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cryosite ltd (CTE) Details

Cryosite Limited, a biotech company, develops and commercializes methods for the cryopreservation and expansion of mesenchymal stem cells from umbilical cord tissue in Australia. The company also provides bio-repository, clinical trials logistics, commercial drug distribution, contract cellular therapies manufacturing, and associated consultancy services to the clinical research, medical, pharmaceutical, veterinary, and biotechnology industries in Australia and internationally. It operates in two segments: Biological Services, and Warehousing & Distribution Services. The Biological Services segment provides private cord blood and tissue banking services, adult stem cell storage, bioarchive and biorepository services, and contract good manufacturing practice manufacturing services. The Warehousing & Distribution Services segment offers clinical trials logistics services; commercial drug distribution; and other storage and distribution based services, including the importation and distribution of the products of the American Type Culture Collection and laboratory diagnostics products. The company has a collaboration agreement with Regeneus Ltd to develop and manufacture stem cell products for human applications. Cryosite Limited was founded in 1999 and is based in South Granville, Australia.

34 Employees
Last Reported Date: 08/27/14
Founded in 1999

cryosite ltd (CTE) Top Compensated Officers

Acting Chief Executive Officer and Executive ...
Total Annual Compensation: A$182.0K
Chief Financial Officer
Total Annual Compensation: A$67.3K
Compensation as of Fiscal Year 2014.

cryosite ltd (CTE) Key Developments

Cryosite Limited Declares Unfranked Final Dividend, Payable on September 24, 2014; Reports Audited Consolidated Earnings Results for the Year Ended June 30, 2014

The directors of Cryosite Limited have determined that an unfranked final dividend of 1.0 cents per share will be paid. This is consistent with the final dividend payment of the previous corresponding period. Ex dividend Payment trading commences on September 8, 2014. Record date- last date for CTE register was September 10, 2014. Dividend payment date is September 24, 2014. The company reported audited consolidated earnings results for the year ended June 30, 2014. For the year, the company reported revenue of AUD 9,421,196 against AUD 8,764,459 a year ago. Profit from continuing operations before income tax was AUD 678,314 against AUD 1,180,998 a year ago. Net profit attributable to members of company was AUD 505,602 or 1.07 cents per diluted share against AUD 1,249,961 or 2.65 cents per diluted share a year ago. Net cash flows from operating activities were AUD 1,542,536 against AUD 1,939,671 a year ago. Purchase of plant and equipment was AUD 427,670 against AUD 379,160 a year ago. Net capital expenditure for year was AUD 427,670 against AUD 379,160, a year ago. Net tangible asset backing per ordinary security was 12.5 cents against 13.4 cents, a year ago. The reduction in profit as previously advised, was a result of decisions made by the board to invest in sales and marketing, research and development to improve competitiveness in existing operations and to develop additional revenue streams in new markets to position the company for continuing growth performance in the following years. The company maintains a strong balance sheet with no debt and has AUD 6.3 million cash on hand as at June 30, 2014.

Cryosite Limited and Regeneus Sign an Agreement to Collaborate on the Development and Manufacture of New Stem Cell Products for Human Applications

Cryosite Limited and Regeneus announced that they have signed an agreement to collaborate on the development and manufacture of new stem cell products for human applications. Key elements of the agreement include: Cryosite will provide production facilities for Regeneus' off-the-shelf allogeneic stem cell product for human osteoarthritis (Progenza). The product, to be used for clinical trial purposes, will be manufactured within Cryosite's GMP clean room facilities by Regeneus staff; Regeneus will provide technology, know-how and research facilities to assist Cryosite with the development of methods for the expansion of cord tissue-derived mesenchymal stem cells (MSCs); and the companies will jointly explore new product development and manufacturing opportunities.

Cryosite Limited Revised Earnings Guidance for the Full Year of 2014

Cryosite Limited has provided the market with an updated 2013-2014 profit guidance. As outlined in the market announcement of 23 December 2013 the financial performance of the company in the second half of the financial year has suffered from the company's decision to implement a long term business growth strategy by investing in a number of new development activities in both the biological services and warehousing and distribution segments. This business growth strategy has seen an investment in personnel with a strengthening of the management team across all segments of the business, as well as incurring significant one off costs in the implementation of this strategy. The company now expects that the full-year profit from continuing operations before income tax will be in the range of $500,000 to $600,000. This compares with the previous guidance of $800,000 to $1.0 million.


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