Trading Update

RNS Number : 7678W

Proteome Sciences PLC

12 November 2014

 



Proteome Sciences plc

("Proteome" or the "Company")

Trading update

12 November 2014: In the Company's interim results for the six months ended 30 June 2014, announced on 30 September 2014, it was reported that the start date of several contracts expected earlier in the year had been delayed and that it continues to be difficult to be precise over the timing of when the full revenue contribution from these contracts will be reflected. This situation has continued and, as a result, it is anticipated that revenue for the current year will be lower than market expectations and somewhat lower than the revenues achieved in 2013. The delayed revenues referred to above are expected to be reflected in 2015, supported by strong underlying growth in biomarker services and TMT^®.

Commercial discussions to outlicense the diagnostic applications for MCI/AD detection have commenced with a number of interested parties who have signed confidentiality agreements. The CK1d dossier has been completed and the process to progress the outlicensing programme with pharmaceutical companies has started. Both are high value applications in Alzheimer's disease and should provide a combination of signature fees, milestone payments and royalties. We expect to have fuller visibility of these in 2015.

Part of Geoff Ellis's role post his September appointment as Finance Director is to manage the commercial sales and marketing activities. He has undertaken a review and implemented plans to drive sales by sharpening the focus on the key services, products and workflows.

The Company's cash position remains healthy with cash at bank as at 31 October 2014 being £1.72m excluding the £0.50m R&D Tax Credit. We are seeing further underlying growth in our pipeline and core technologies and remain confident that this should be reflected in revenues in 2015 and beyond.

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For further information please contact:

Proteome Sciences plc
Christopher Pearce, Executive Chairman
Dr. Ian Pike, Chief Operating Officer	Tel: [phone]
Geoff Ellis, Finance Director
Nominated Adviser
Cenkos
Mark Connelly/Callum Davidson finnCap Geoff Nash	Tel: [phone] Tel : [phone]
Public Relations
IKON Associates	Email: [e-mail]
Adrian Shaw	Tel: [phone]
	Mobile [phone]

Notes for editors:

About Proteome Sciences plc (www.proteomics.com)

Proteome Sciences is a global leader in applied proteomics and peptidomics offering high sensitivity, proprietary technologies for protein and peptide biomarker discovery, validation and assay development. The Company is headquartered in Cobham, UK, with laboratory facilities in London and Frankfurt.

Proteome Sciences' proprietary research has discovered a large number of novel protein biomarkers in key human diseases and is focused mainly in neurological/neurodegenerative conditions and in cancer. It has discovered and patented blood biomarkers in Alzheimer's disease, stroke, brain damage and lung cancer for diagnostic and treatment applications that are available for license or have already been outlicensed.

The Company's PS Biomarker Services^™ division provides outsourced proteomics services and proprietary biomarker assays to pharmaceutical, biotechnology and diagnostics companies from its ISO 9001: 2008 facility in Frankfurt, Germany.

 

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