CelLBxHealth PLC (AIM:CLBX, FRA:DWV), the circulating tumour cell (CTC) diagnostics company, is in advanced discussions with one of the largest private US healthcare providers to deploy its Parsortix platform across two clinical studies, and is in the final stages of agreeing a Master Services Agreement with a top-ten global pharmaceutical company for drug discovery and development applications.
The developments, disclosed alongside a first-quarter trading update, represent the most significant near-term commercial opportunities for the company as it executes a turnaround strategy following substantial restructuring last year.
"There are a number of other opportunities in the sales pipeline that could convert during the remainder of the financial year, which would allow the Company to increase revenue guidance for the full year," investors were told.
CelLBxHealth said it's confident of delivering revenues of at least £2.1 million for the financial year ending 31 December 2026, a 50% increase on the prior year, with additional pipeline opportunities that could prompt an upgrade to full-year guidance if they convert.
It has also appointed a new head of sales in the US and completed a sub-lease on part of its American facility.
The restructuring programme has reduced headcount from 44 to 39 full-time employees in the first quarter, following a 60% reduction in the prior year, and has cut annual cash operating costs by more than £6.6 million, with a further £0.1 million of savings targeted in the second quarter.
Cash at 31 March stood at £4.3 million, in line with expectations after one-off restructuring costs.