2017 has been an important year for SpiroChem as we transitioned from an early stage company to quickly becoming a key partner of the Life Sciences industry for complex medicinal chemistry.
With a growing demand for our products and services, we relocated our company from Zürich to state-of-the-art laboratories in Basel in order to provide the infrastructure for our rapidly-growing business. To support this growth, we have raised funds, extended our team of highly talented and motivated chemists, and notably, appointed Dr. Anthony Baxter to our Board of Directors.
We have seen increased interactions with all sectors of life sciences (pharma, biotech, academia) and chemistry, leading to a revenue growth of over 40% and 36% new customers (in comparison with FY 2016). We are also benefiting from growing referrals from existing customers and partners, thus expanding our reach beyond the usual business development activities. This is a sign of maturity for SpiroChem and is a testament to the tangible added value we bring to our customers.
This traction is also indicative of our increasingly strong market position. Pharma is eager to fill the widening gap of competence resulting from shrinking internal resources and the overdependence upon low-cost CROs. The industry realizes that new partners must be found to deliver ever-more-challenging chemistry and chemical innovation. At SpiroChem we offer our customers premium scientific services which will be a cornerstone of their drug discovery processes of tomorrow.
But premium services alone are not sufficient to grow our business and meet our vision of SpiroChem as the leading chemical innovation provider to the industry. Spirochem also works in partnership with our clients to craft novel solutions for the complex chemistry challenges they face. Through internal R&D and fruitful collaborations with leading academic groups, we are developing new classes of molecules, processes, methodologies and concepts to support the thirst for innovation in the Life Science industry . A pipeline of new products and services will be disclosed and offered to our clients in the coming year.
In 2018, our strategy is to focus on organic growth, targeting larger deals with key new and existing customers across the industry, which we believe will reinforce and build our reputation as the partner of choice for externalization of complex, IP-sensitive or time-critical chemistry projects.