Search Share Prices
Proteome Sciences narrows loss as it makes operational strides
(WebFG News) - Proteome Sciences issued its audited results for the year ended 31 December on Tuesday, reporting revenue growth of 23% to £3.38m, which was underpinned by a 79% increase in sales and royalties attributable to 'TMT' reagents.
The AIM-traded firm's loss before tax narrowed to £2.05m, from £2.94m in the prior year.
On the operational front, the board highlighted the appointment of its first chief commercial officer in April last year, as part of its plans to relaunch its biomarker services business, which had led to the engagement of sales agents in its principal operating territories.
It closed its London laboratory in June, with consolidation of all equipment and capabilities at its existing Frankfurt facility, and relocated its headquarters from Cobham to the 'knowledge quarter' in central London.
Proteome did receive Good Clinical Laboratory Practice (GCLP) accreditation in October, enabling its engagement in clinical stage contracts.
It also achieved a research milestone following the presentation of data from a prospective trial using the 'Randox Rapid Stroke Array'.
Since year-end, the company had received an extension of its exclusive licence agreement with Thermo Scientific, to include patents relating to a new class of high-plex TMT reagents.
"2017 was a year of significant change inside the company with the successful implementation of numerous strategic initiatives and steady progress towards our financial goals," said chief executive Jeremy Haigh.
"With the benefits of a leaner organisation, a new model for commercial engagement deployed in both our principal operating territories, and the reassurance of robust demand for our TMT reagents, we now have the platform necessary to realise the full value of our proteomic capabilities.
"We look forward to strong progress during 2018, particularly growth in our biomarker services business, and to providing further updates during the course of the year."