Interim Results to 31 December 2009

Bioventix plc                                 

           INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2009           

Farnham, UK, 7 April 2010. Bioventix plc (BVXP) ("Bioventix" or "the Company"),
a UK company that specialises in the development and commercial supply of
high-affinity monoclonal antibodies for applications in clinical diagnostics,
announces its unaudited interim financial results for the six-month period
ending 31 December 2009.

Highlights

  * Profit before tax of £386,210 on turnover of £768,419 during period (profit
    before tax for the full year ended 30 June 2009 was £857,080 on turnover of
    £1.65 million)
   
  * Strong cash position of £1.48 million at 31 December 2009 (£1,18 million at
    30 June 2009)
   
  * Continued development of the Bioventix antibody pipeline including the
    supply of novel vitamin D (25-OH D) antibodies to multiple customers
   
Post Balance Sheet Events

  * Issue of 6,250 Preference shares in full settlement of the convertible loan
    note and a capital reorganisation resulting in 5,050,000 ordinary shares
    and no preference shares in issue
   
  * The Company re-registered as a public company under the name Bioventix plc
    on 11 March 2010
   
  * Interim dividend of 4p per share (based on a share capital of 5,050,000
    ordinary shares) was paid on 31 March 2010
   
  * Bioventix shares were admitted to trading on PLUS-quoted (BVXP) on 7 April
    2010
   
Chairman's and Chief Executive's Statement

The activities of the company remained largely unchanged during the financial
period. Resources continued to be focused 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 18 months, there has been significant growth in revenues from the
supply of purified antibodies to such multinational companies but also due to a
significant increase in royalty payments derived from the sale of certain tests
that feature Bioventix antibodies. The advent of these substantial ongoing
royalty payments marks an inflection point in the company's profitability and
financial strength as well as signifying the maturity of certain sheep
monoclonal antibodies reagents as commercial products.

The profitability of the business was broadly maintained during the half-year
further strengthening the balance sheet. In addition, the company continued
with its research and development activities aimed at augmenting the pipeline
of future antibodies for commercialisation at Bioventix customers.

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.

P J Harrison
Chief Executive Officer

I J Nicholson
Non-Executive Chairman


For further information, please contact:

Bioventix plc
Peter Harrison
Tel: [phone]

Keith, Bayley, Rogers & Co. Limited
David Coffman
Tel: [phone]

Citigate Dewe Rogerson
Chris Gardner or Mark Swallow
[phone] / [phone]


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.

                            PROFIT AND LOSS ACCOUNT                            

                for the six month period ended 31 December 2009                

                                                      Six months           
                                                           ended     Year ended
                                                     31 Dec 2009   30 June 2009            
                                                                               
                                                               £              £
                                                                               
                                                                     (Restated)
                                                                               
TURNOVER                                                 768,419      1,647,679
                                                                               
Cost of sales                                           (99,014)      (160,356)
                                                                               
GROSS PROFIT                                             669,405      1,487,323
                                                                               
Administrative expenses                                (285,282)      (503,259)
                                                                               
Other operating income                                        75            100
                                                                               
OPERATING PROFIT                                         384,198        984,164
                                                                               
Interest receivable                                        2,012         13,897
                                                                               
Interest payable                                               -      (140,981)
                                                                               
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION            386,210        857,080
                                                                               
Tax on profit on ordinary activities                    (92,997)      (221,164)
                                                                               
PROFIT FOR THE FINANCIAL PERIOD                          293,213        635,916
                                                                               


                                 BALANCE SHEET                                 

                            as at 31 December 2009                             

                                                     31 Dec 2009   30 June 2009
                                                                            
                                                               £              £
                                                                            
FIXED ASSETS                                                         (Restated)
                                                                            
Intangible fixed assets                                   80,000         90,000
                                                                            
Tangible fixed assets                                    457,929        460,028
                                                                            
                                                         537,929        550,028
                                                                            
CURRENT ASSETS                                                              
                                                                            
Stocks                                                   107,544        118,899
                                                                            
Debtors                                                  487,910        525,359
                                                                            
Cash at bank and in hand                               1,475,671      1,184,471
                                                                            
                                                       2,071,125      1,828,729
                                                                            
CREDITORS:amounts falling due within one               (309,117)      (371,568)
year                                                                        
                                                                            
: convertible loan note                              (1,071,438)    (1,071,438)
                                                                            
NET CURRENT ASSETS                                       690,570        385,723
                                                                            
TOTAL ASSETS LESS CURRENT LIABILITIES                  1,228,499        935,751
                                                                            
PROVISIONS FOR LIABILITIES                                                  
                                                                            
Deferred Tax                                            (84,867)       (85,332)
                                                                            
NET ASSETS                                             1,143,632        850,419
                                                                            
CAPITAL AND RESERVES                                                        
                                                                            
Called up share capital                                    3,850          3,850
                                                                            
Share premium account                                    166,681        166,681
                                                                            
Other reserves                                           369,728        369,728
                                                                           
Profit and loss account                                  603,373        310,160
                                                                            
SHAREHOLDERS' FUNDS                                    1,143,632        850,419



Notes to the financial information

 1. Prior Year Adjustment
   
In prior years, FRS 25 `Financial Instruments: Presentation' had not been
correctly applied to the convertible loan notes. Thus, a prior year adjustment
has been recognised to separately disclose the equity and liability components
of that debt and to recognise the interest charges related to the amortisation
of the liability component.

Additional interest costs have been recognised in the year ended 30 June 2009
of £43,581 and in prior years of £326,247 and related tax has been adjusted
accordingly.

The company has restated the profit and loss account and balance sheet for the
year ended 30 June 2009 accordingly.

 2. Post Balance Sheet Events
   
On 8 March 2010 the Company issued 6,250 Preferred Ordinary Shares of £1 each
in full settlement of the convertible loan

On 9 March 2010 the following resolutions were passed:

  * that all the issued and unissued Preferred Ordinary Shares of £1 each in
    the capital of the Company be re-designated as Ordinary Shares of £1 each;
   
  * that a bonus issue be undertaken under which 24 new Ordinary Shares be
    issued for every 1 Ordinary Share in issue;
   
  * that each Ordinary Share of £1 each be sub-divided into 20 Ordinary Shares
    of £0.05 each;
   
  * that the capital of the Company be reduced by the cancellation of the
    entire amount credited to the share premium account (being the sum of £
    989,468.50), such reserve arising as a result of this is to be treated as a
    realised profit.
   
The reduction in the share premium account was registered and became effective
on 11 March 2010.

  * that the company would pay an interim Dividend of 4p per share on 31 March
    2010.
   
On 12 March 2010 the following resolution was passed:

  * that the Company be re-registered as a public company under the Companies
    Act 2006 by the name of Bioventix plc.
   
 3. While the interim financial information has been prepared using the
    company's accounting policies and in accordance with UK GAAP, the
    announcement does not itself contain sufficient information to comply with
    UK GAAP.
   
 4. This interim financial statement has not been audited or reviewed by the
    auditors.
   
The financial information in this interim financial statement does not
constitute statutory accounts within the meaning of section 434(3) of the
Companies Act 2006. The audited accounts of the Company for the financial
period ended 30 June 2009 have been reported on by the Company's auditors and
have been delivered to the Registrar of Companies. The report of the auditors
was unqualified and did not contain a statement under sections 498(2) or 498(3)
of the Companies Act 2006.

The Directors of Bioventix plc accept responsibility for this announcement.