LONDON, Oct 19 (Reuters) - British technology company Oxford Nanopore (ONT.L) said it hoped to reach break-even by the end of 2026, as it outlined plans to drive further growth in the life science research tools market and expand into new areas of healthcare.
Oxford Nanopore, a spinout from the University of Oxford which floated two years ago, wants to further commercialise its sensing technology which is able to produce immediate analysis of DNA and RNA for use across scientific research, healthcare and other industries.
"Today also marks an important transition for Oxford Nanopore as we introduce our medium-to-long term strategy to meet unmet needs in the clinical and applied markets," Chief Executive Gordon Sanghera said in a statement.
For the first half-year of the year, Oxford Nanopore posted a 46% rise in revenues from its Life Science Research Tools unit.
Shares in Oxford Nanopore, which has a market capitalisation of 1.6 billion pounds, have fallen 15% in the last six months, prior to Thursday's announcement.
Persons:
Oxford Nanopore, Gordon Sanghera, Sarah Young, Kate Holton
Organizations:
Oxford, University of Oxford, Mayo Clinic, Thomson
Locations:
British, Oxford