23rd Jan 2019 11:14
LONDON (Alliance News) - Proteome Sciences PLC on Wednesday said it expects to post a narrowed loss for 2018 due to an ongoing cost savings programme and despite revenue taking a hit from weak performance in Proteomics services division.
The protein biomarker research company saw an 11% decline in annual revenue to GBP3.0 million due to lower-than-expected first half growth in Proteomics services unit. TMT product sales recorded 10% growth in the period.
Costs for the year fell 12% year-on-year to GBP4.4 million due to an ongoing consolidation and business restructuring.
The company therefore anticipates 2018 pretax loss to narrow to GBP1.4 million from GBP2.5 million reported in 2017.
Proteome Sciences also said that it has signed a further non-exclusive licence for its stroke biomarker patent portfolio with US clinical research firm Galaxy CCRO Inc.
Under the terms, Proteome Sciences will receive equity in Galaxy as an initial licence fee, with subsequent development milestones and a running royalty on product sales.
"As predicted, the fourth quarter of 2018 was the strongest for our proteomics services business, during which we recognised about 40% of our annual service revenues and generated work orders to the value of GBP250,000," said Proteome Sciences Chief Executive Jeremy Haigh.
"I am delighted that we have been able to conclude a new licensing deal with Galaxy, demonstrating the value that resides in our intellectual property portfolio as we continue to seek collaborators and partners, as well as customers for our strengthening services business," added Haigh.
The stock was untraded on Wednesday, last closing at 2.58 pence a share.
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