Proteome Sciences PLC Trading Update and Notice of Results (4575F)
July 28 2016 - 1:02AM
UK Regulatory
TIDMPRM
RNS Number : 4575F
Proteome Sciences PLC
28 July 2016
Proteome Sciences plc
(the "Company" or the "Group")
Trading Update and Notice of Results
The Company is pleased to provide a trading update for the six
months ending 30(th) June 2016.
Revenues in the first half are significantly ahead of the
equivalent period in 2015 driven principally by strong sales of our
TMT(R) reagents. We received our largest ever TMT(R) order and
associated royalty payment in Q2, but the introduction of higher
plexing solutions (new reagents which enable the parallel analysis
of more biological samples) is now unlikely to occur before the end
of 2017 because of the high demand for our current TMT(R) reagent
synthesis. This is not expected to have a material impact on 2016
revenues and biomarker services contracts, particularly those using
TMTcalibrator(TM) , remain solid.
Overall trading remains in line with expectations and the Board
expects the sales momentum to continue in the second half.
Significant movements in foreign exchange since the Brexit vote
on June 24(th) may prove to be exaggerated, but if sustained will
increase both our foreign denominated revenues and the costs
associated with our facility in Frankfurt; as a consequence, we
expect the net effect on EBITDA to be neutral.
The trial results for LMTX reported by TauRx at the Alzheimer's
Association International Conference (AAIC) in Toronto yesterday,
showing the drug to be effective in some patients, may stimulate a
shift in pharmaceutical research interest towards tau protein. We
anticipate that this will increase the importance of the general
diagnostic and specific drug responder tests which we are
developing on behalf of Genting TauRx Diagnostic Centre and which
are progressing well. We continue to discuss our CK1D inhibitors
and their potential for the treatment of Alzheimer's disease, and
are pleased to announce that we have recently entered into a due
diligence review of these compounds with a European based
biopharmaceutical company focused on neurodegenerative
diseases.
Launch of the CE marked stroke diagnostic array by Randox, which
was previously forecast for 2016, has been deferred until the
second half of 2017 in order to incorporate a new class of
antibodies generated by Randox. This will not have a significant
impact on 2016 revenues. These antibodies have now been validated
by Randox for all targets of interest and are shown to deliver
significantly improved assay performance in detection of the stroke
marker proteins. Following assembly of the final panel, trials to
generate registration data will be conducted and a Research Use
Only product is still expected to launch ahead of the CE marked
assay.
We look forward to further progress over the remainder of the
year and expect to release our interim results on September 15(th)
2016.
ENDS
For further information, please contact:
Proteome Sciences plc
Dr Jeremy Haigh, Chief Executive Officer Tel:
+44 (0)1932 865065
Dr Ian Pike, Chief Operating
Officer
Geoff Ellis, Finance Director
finnCap Limited (Nominated
Adviser/Broker) Tel: +44 (0)20 7220
Geoff Nash/James Thompson 0500
Tony Quirke (broking)
IKON Associate (Public Relations)
Adrian Shaw Tel: +44 (0)1483 271291
Notes for editors:
About Proteome Sciences plc (www.proteomics.com)
With its HQ in Cobham, UK and laboratory facilities in London
and Frankfurt, Proteome Sciences is a global leader in applied
proteomics offering high sensitivity, proprietary technologies and
workflows in cell signalling pathways (SysQuant(R),
TMTcalibrator(TM)) and in protein biomarker discovery, validation
and assay development.
PS Biomarker Services(R) provides proteomics outsourcing
services and proprietary biomarker assays from its ISO 9001: 2008
facility in Frankfurt, Germany to pharmaceutical, biotechnology,
diagnostics companies and academia.
Proteome Sciences' research has discovered a large number of
novel protein biomarkers in key human diseases with a focus mainly
in neurological/neurodegenerative conditions and in cancer. It has
patented blood biomarkers in Alzheimer's disease, stroke, brain
damage and cancers for diagnostic and treatment applications that
are available for licenses.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTSEMEFWFMSESW
(END) Dow Jones Newswires
July 28, 2016 02:02 ET (06:02 GMT)
Proteome Sciences (LSE:PRM)
Historical Stock Chart
From Apr 2024 to May 2024
Proteome Sciences (LSE:PRM)
Historical Stock Chart
From May 2023 to May 2024