9th Feb 2017 09:13
LONDON (Alliance News) - Proteome Sciences PLC on Thursday said it had seen progress continue through the second half of 2016 after a strong first half of the year, and expects to report a narrowed loss for the year as a whole.
Additionally, the company appointed Richard Dennis as its first chief commercial officer. Dennis was most recently director of International Commercial Operations at Quanterix Corp.
Proteome expects to report a loss after tax of around GBP2.3 million for 2016, down from GBP2.7 million the prior year, as revenue rose to GBP2.7 million from GBP1.9 million.
The company will be consolidating its laboratory capabilities at its existing facility in Frankfurt in the first half of the year.
Additionally, it plans to move its headquarters from Cobham in Surrey to a serviced office in the centre of London, and hopes to have completed this relocation by the end of June. The reorganisation of its facilities should result in "material cost savings" from 2018 onwards, it said.
Proteome will report its 2016 results on March 28.
"While we are satisfied with progress over the last year, there is much yet to do if we want to realise the full value of our proteomic technologies. The company is in a transition phase as we expand our proteomics services and our customer base to secure larger and more durable contracts," said Chief Executive Jeremy Haigh in a statement.
"The decision to consolidate our laboratory facilities in Frankfurt was not easy given our UK heritage, but we firmly believe it to be in the best interests for the company and our shareholders. We look forward to healthy progress during the first half of 2017, to the arrival of our new Chief Commercial Officer, and to providing further updates through the course of the year," Haigh added.
Shares in Proteome were down 0.2% at 4.89 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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