Proteome Sciences revenue rises in full year results

Proteome Sciences announced its audited results for the year to 31 December on Tuesday, with 46% revenue growth to £2.74m, underpinned by a 57% increase in sales of ‘TMT’ reagents to £1.39m.

The AIM-traded firm said its costs and margins were as expected.

During the year, the board appointed its new chief executive officer in June, and created the chief compliance officer role to oversee its Good Clinical Laboratory Practice (GCLP) accreditation.

A £3.3m fundraise was completed in October, adding a number of new institutional investors, with the board implementing a revised strategy based on biomarker services, ‘TMT’ reagent synthesis and bioinformatics.

Conversion to a higher value project portfolio was a focus during the year, the board said, with completion of 25% fewer service contracts generating 57% greater revenues than in 2015.

The board claimed validation and optimisation of a new class of antibodies against its patented stroke biomarker proteins was completed by its partner, Randox Laboratories, with assay launches expected in 2017.

It also initiated third party due diligence on its casein kinase 1 delta (CK1D) inhibitor portfolio.

“While we are satisfied with solid progress during 2016, there is clearly much yet to do if we want to realise the full commercial value of our proteomic technologies,” said chief executive Jeremy Haigh.

“The company is in a transition phase as we seek to expand our customer base to secure larger and more durable contracts for our services.”

Haigh said the recent decision to consolidate the company’s laboratory facilities in Frankfurt was difficult given its UK heritage, but the board firmly believed it to be in the best interests of the company and its shareholders.

“We look forward to healthy progress during 2017, to the imminent arrival of our new chief commercial officer, and to providing further updates through the course of the year.”