Proteome Sciences short of expectations as orders mount

Proteome Sciences warned that its overall performance is lagging behind expectations on Tuesday even as the value of the company’s committed work orders in 2018 will double that of last year.

The protein biomarkers specialist said that full year service revenues will likely fall in line with last year’s due to the long amount of time needed to execute orders, though recognised revenues from services still reached their highest point this year in the third quarter.

Jeremy Haigh, chief executive of Proteome, said: "The slower than anticipated adoption of our services platform, in terms of annually recognised revenues, is clearly disappointing but we are encouraged by the number and diversity of the new projects we have won, and by the strength of our order book which has the more than doubled this year. Several of these projects should ensure a positive start to 2019."

The AIM traded company is a provider of technologies and workflows for mapping cell signalling pathways, which can be used to identify protein biomarkers with diagnostic and treatment applications in important areas of human therapeutics such as cancer, stroke and Alzheimer's disease

Among projects completed recently was a study for e-therapeutics with whom Proteome has recently established a preferred provider relationship.

Raymond Barlow, chief executive at e-therapeutics, said: "Proteomics provides a powerful means for us to differentiate our proprietary network-driven drug discovery approach and our first-in-class assets from existing technologies and drugs. After an objective and rigorous selection exercise we chose Proteome Sciences as our preferred partner and have been delighted with the speed of their services."

Proteome’s shares were down 6.00% at 3.76p at 0907 GMT.