BioAscent reports major revenue growth in 2022

BioAscent reports major revenue growth in 2022

Growing reputation, scientific excellence and valuable compound management infrastructure are keys to success

NEWHOUSE, UK (February 1, 2023) – BioAscent, the leading provider of integrated drug discovery services, has reported significant growth in 2022 – the fourth successive year of high double-digit growth since becoming an integrated drug discovery CRO. Total revenue grew by 44%, with integrated drug discovery services growing by 65%.

Following an investment by Maven Capital Partners in 2018, BioAscent has performed consistently well, with the company’s success based on three pillars: scientific teams which excel in small molecule drug discovery; a growing reputation for above-expectation delivery; and the company’s rare advantage of having a state-of-the-art compound management facility, giving biotech customers the peace-of-mind that their compounds are stored securely, their inventory is up-to-date and trackable, and compounds can be shipped quickly and easily.

BioAscent has significantly upscaled its capacity and capabilities in response to this increasing business with both existing clients and new contracts, and over the last year the company’s headcount of specialist scientists has increased by a third. Commenting on the developing team, Paul Smith, BioAscent’s CEO, said: “Ensuring that we have the most experienced people working with the best technologies has been - and remains -essential to delivering what our clients need. We’ve focused on recruiting the best talent from around the world, including scientists from Europe, North America and Asia, which has enabled us to continue providing the excellent service for which we are known. Recruiting the right people is only part of the story. Ensuring that we keep our talented team is just as important, and through a well-managed combination of development opportunities, excellent facilities – and not forgetting our amazing location – our staff retention is at an industry-leading level.”

With an integrated drug discovery offering, BioAscent’s services include compound management, in silico discovery, medicinal chemistry and discovery biology. As part of its expansion, the company will also be introducing additional high-expertise services such as custom protein production, immuno-oncology and further translational assays in 2023. “The final part of our growth strategy is having the space for expansion,” continued Mr Smith, “and we’re already in advanced stages of negotiations that would see a significant increase in lab and office space while still keeping a single location, which makes the drug discovery process so much more efficient.”

For more information, about BioAscent, visit https://www.bioascent.com/