29th May 2015 08:01
LONDON (Alliance News) - Proteome Sciences PLC Friday said it has got off to a good start in 2015, with strong demand for its products from pharmaceutical customers, as it posted a widened loss for 2014.
The company reported a pretax loss of GBP4.2 million for 2014, widened from GBP3.6 million in 2013, as revenue fell to GBP1.6 million from GBP2.1 million, due to seeing no revenue from equipment on loan. In the previous year it recorded GBP710,000 in revenue from equipment on loan, and excluding this, revenue rose 9% in 2014.
Sales in its PS Biomarker Services business rose 65%, including a USD2 million contract from Genting Tau RX Diagnostic Centre, and sales of its Tandem Mass Tag products rose 31%.
The company said it achieved "major milestones" in its two main research programmes in Alzheimer's. Its CK1d compounds are getting "very positive feedback", and results are expected shortly from another group of patient samples using its MCI/AD biomarker panel, which Proteome said should expand its intellectual property coverage and accelerate the development and licensing of its clinical diagnostic test.
Randox Laboratories Ltd, to whom Proteome has licensed a portfolio of biomarkers, has informed Proteome it is now progressing well in spite of earlier technical issues.
"Our core activities are performing well against the current buoyant background and we expect to see this reflected in strong growth in revenue and news flow in 2015. This may also be complemented by further developments and progress from our two out-licensing programmes in Alzheimer's disease and in stroke," said Chairman Christopher Pearce in a statement.
Shares in Proteome are trading down 3.9% at 21.63 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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