29th May 2014 10:22
LONDON (Alliance News) - Proteome Sciences PLC Thursday expressed confidence for continued fast revenue growth for the "forseeable future", as it posted a narrowed pretax loss for 2013, driven by strong sales of its Tandem Mass Tag reagents and growth in its biomarker assays.
Proteome is engaged in research and development of, for example, techniques to predict the likelihood of cancer recurrence and to detect the early onset of Alzheimer's disease.
It posted a pretax loss of GBP3.6 million, narrowed from GBP5.2 million, as it saw revenue rise to GBP2.1 million from GBP1.2 million.
Proteome's licences, sales and services revenues more than doubled, which more than offset a slight decline in its grant services revenues.
The company said that its pipeline of contracts and rising profile underpinned its expectations for a further strong performance from its licences, products and services in 2014, which should lead to another significant increase in revenue.
Sales of Proteome's Tandem Mass Tag reagents rose 63% during the year, and the company is forecasting this growth to continue into 2014 as its TMT 10-plex reagents become widely available and it launches its TMT 20-plex and TMT 30-plex reagents later in the year.
Proteome added several new biomarker assays during the year, including tests for breast cancer and Alzheimers, buoyed by the further development of its SysQuant technology. SysQuant is used to analyse biomarkers, which indicate the development of a disease, to identify treatments. It expects to continue launching new tests going forward.
The company said that its biomarker services pipeline and level of interest had continued to grow in 2014, demonstrated a shift in its customers from pilot studies to large scale programmes, which is helping to deliver fast rates of revenue growth.
The company said it had been encouraged by the results of its blood biomarkers in diagnosing early stage Alzheimers, which it said had showed positive predictive accuracy of 94% in Alzheimers and 88% in mild cognitive impairment.
Proteome has more than 600 intellectual property patents, having been granted a further 17 patents during the year.
The company also signed new contracts during the year, inking a USD2.1 million licence and research agreement with Therm Fisher Scientific for its MS3 TMT product, and a contract with Cosmetics Europe to use its SensiDerm assay.
Shares in Proteome were trading up 5.9% at 31.50 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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