Final Results

BIOVENTIX PLC FINAL RESULTS FOR THE YEAR ENDED 30 JUNE 2010 2 NOVEMBER 2010 Chairman's and Chief Executive's Statement The activities of the company remained largely unchanged during the financial period. Resources continued to be focussed on the creation and supply of sheep monoclonal antibodies for use on clinical diagnostics machines used at hospitals, clinics and other laboratories. Such machines, provided by large multinational diagnostics companies such as Roche Diagnostics (Mannheim), Abbott Laboratories (Chicago), Siemens Healthcare Diagnostics (Deerfield) and others, are used for the analysis of blood, urine and other samples from human patients. Over the last 12 months, the company has enjoyed a solid financial performance with continued profitability and further strengthening of the balance sheet. Revenues from the supply of purified antibodies together with royalty payments derived from the sale of certain tests that feature Bioventix antibodies have been roughly even. Your attention is drawn to restatement of the results for the year ended 30 June 2009 which arises from a cumulative prior year adjustment of £369,728 in respect of the accounting treatment of convertible loan notes. These loan notes were converted in the year ended 30 June 2010 and this resulted in an adjustment via reserves during the year. The financial performance over the near future is expected to improve modestly as income from new tests featuring Bioventix antibodies (eg for Estradiol and testosterone) reach the market and royalty payments start to flow from these advanced projects. A major part of the company's research over the past two years has focussed on the creation of antibodies to vitamin D. There is a high level of interest within the medical community in testing for vitamin D (specifically 25-hydroxy vitamin Ds) levels in patients, as a result of growing evidence of the importance that this vitamin has in various areas of human health. Hence, there is interest amongst Bioventix customers in antibodies that can be used in such tests. This research has yielded interesting internal data on the Bioventix vitamin D antibody portfolio, and one antibody in particular called vitD3.5H10 has exciting potential. A clearer picture of the utility of vitD3.5H10 will not emerge until further customer feedback is obtained during 2011. The substantial progress of Bioventix during the period is due above all to the contributions of its employees and their commitment to Bioventix's future. On behalf of the Board, we would like to thank them for their efforts which have underpinned our success. On 15 March 2010 Bioventix Limited re-registered as a Plc and hence is now known as Bioventix plc. Bioventix plc is now trading on PLUSMarket, and was quoted from April 2010. This resulted in a one off cost of £95,844. P J Harrison Chief Executive Officer I J Nicholson Non-Executive Chairman For further information, please contact: Bioventix plc Peter Harrison Tel: +44 (0)1252 728001 Keith, Bayley, Rogers & Co. Limited David Coffman Tel: +44 (0)20 3100 8300 About Bioventix plc Bioventix (www.bioventix.com) specialises in the development and commercial supply of high-affinity monoclonal antibodies with a primary focus on their application in clinical diagnostics, such as in automated immunoassays used in blood testing. The antibodies created at Bioventix are generated in sheep and are of particular benefit where the target is present at low concentration and where conventional monoclonal or polyclonal antibodies have failed to produce a suitable reagent. Bioventix currently offers a portfolio of antibodies to customers for both commercial use and R&D purposes, for the diagnosis or monitoring of a broad range of conditions, including heart disease, cancer, fertility, thyroid function and drug abuse. Bioventix currently supplies antibody products and services to the majority of multinational clinical diagnostics companies. Bioventix is based in Farnham, UK and its shares (BVXP) were admitted to trading on PLUS-quoted in April 2010. PUBLICATION OF NON-STATUTORY ACCOUNTS The financial information set out in this announcement does not constitute statutory financial statements for the year ended 30 June 2010 or 30 June 2009. The reports of the auditor on the statutory financial statements for each of the years ended 30 June 2010 and 30 June 2009 were (i) unqualified; (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report; and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006. The statutory financial statements for the year ended 30 June 2009 have been delivered to the Registrar of Companies. The statutory financial statements for the year ended 30 June 2010 will be delivered to the Registrar of Companies following the Company's Annual General Meeting PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2010 2010 2009 £ £ (as restated) TURNOVER 1,578,162 1,647,679 Cost of sales (197,309) (160,356) GROSS PROFIT 1,380,853 1,487,323 Administrative expenses (605,782) (503,259) Exceptional costs of listing on PLUS Market (95,844) - Total administrative expenses (701,626) (503,259) Other operating income 75 100 OPERATING PROFIT 679,302 984,164 Interest receivable 3,404 13,897 Interest payable - (140,981) PROFIT ON ORDINARY ACTIVITIES BEFORE 682,706 857,080 TAXATION Tax on profit on ordinary activities (118,285) (221,164) PROFIT FOR THE FINANCIAL YEAR 564,421 635,916 Earnings per share Basic 11.37p (2009:12.91p) Diluted 11.37p (2009:12.59p) All amounts relate to continuing operations. There were no recognised gains and losses for 2010 or 2009 other than those included in the Profit and loss account. BALANCE SHEET AS AT 30 JUNE 2010 2010 2009 £ £ £ £ (as restated) FIXED ASSETS Intangible fixed assets 70,000 90,000 Tangible fixed assets 463,690 460,028 533,690 550,028 CURRENT ASSETS Stocks 90,175 118,899 Debtors 573,992 525,359 Cash at bank and in hand 1,349,084 1,184,471 2,013,251 1,828,729 CREDITORS: amounts falling due (173,992) (1,442,989) within one year NET CURRENT ASSETS 1,839,259 385,740 TOTAL ASSETS LESS CURRENT LIABILITIES 2,372,949 935,768 PROVISIONS FOR LIABILITIES Deferred Tax (7,173) (85,349) NET ASSETS 2,365,776 850,419 CAPITAL AND RESERVES Called up share capital 252,500 3,850 Share premium account - 166,681 Other reserves - 369,728 Profit and loss account 2,113,276 310,160 SHAREHOLDERS' FUNDS 2,365,776 850,419 CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2010 2010 2009 Note £ £ (as restated) Net cash flow from operating activities 640,965 867,289 Returns on investments and servicing of (94,096) 13,897 finance Taxation (149,195) (60,870) Capital expenditure and financial investment (31,061) (7,346) Equity dividends paid (202,000) (58,500) CASH INFLOW BEFORE FINANCING 164,613 754,470 Financing - 17,143 INCREASE IN CASH IN THE YEAR 164,613 771,613 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/DEBT FOR THE YEAR ENDED 30 JUNE 2010 2010 2009 £ £ Increase in cash in the year 164,613 771,613 CHANGE IN NET DEBT RESULTING FROM CASH FLOWS 164,613 771,613 Debt converted to equity 1,071,438 - Finance charge added to debt - (43,481) MOVEMENT IN NET DEBT IN THE YEAR 1,236,051 728,132 Net funds/(debt) at 1 July 2009 113,033 (615,099) NET FUNDS AT 30 JUNE 2010 1,349,084 113,033 The Directors of Bioventix plc accept responsibility for this announcement.

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