30th Sep 2013 09:26
LONDON (Alliance News) - Proteome Sciences PLC Monday said its half-year pretax loss widened after a marginal increase in its costs, though it forecast stronger second-half revenue.
Proteome, which develops techniques to predict the likelihood of cancer recurrence and to detect the early onset of Alzheimer's disease, said it made a GBP1.9 million pretax loss for the six months to June 30, compared with GBP1.7 million for the corresponding period the year prior.
Although revenue saw a sizeable 10% increase to GBP885,475, it was not enough to offset a faster rise in the cost of sales, which increased 46% to GBP337,661.
Meanwhile, both administrative costs and finance costs increased on the previous half year.
However, the half-year saw Proteome sign a USD2.1million contract - its largest to date - with Thermo Fisher Scientific, to develop methods to analyse and predict changes in key cancer pathways in the body.
Proteome said it expects a considerable increase in revenue for the full-year, with the momentum set to continue in 2014.
The expected revenue increase comes from the company's being "positioned to maximise revenues from our three core areas", with the company expecting its SysQuant real-time clinical patient management service to make a "considerable contribution to revenues". SysQuant aims to give cancer patients real-time treatment on a very personalised basis.
It also said it is making good sales of its TMT reagent, with a planned range extension in 2014.
Proteome shares were Monday quoted at 45.00 pence, down 1.50p, or 3.2%.
By Samuel Agini; [email protected]; @samuelagini
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