Proteome Sciences PLC Year End Trading Update (8164N)
January 23 2019 - 1:00AM
UK Regulatory
TIDMPRM
RNS Number : 8164N
Proteome Sciences PLC
23 January 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
23 January 2019
Proteome Sciences plc
("Proteome Sciences" or the "Company")
Year End Trading Update
The Company today provides a trading update for the financial
year ending 31 December 2018.
Unaudited revenues for the full year decreased by 11% to
approximately GBP3.0m (2017: GBP3.4m). TMT(R) sales and royalties
accounted for approximately GBP2.1m, reflecting a greater than 10%
growth in that underlying business, while revenues from proteomics
services were below expectations as a result of a weak first half
of the year. Costs of GBP4.4m were 12% lower than the previous year
(2017: GBP5.0m) reflecting the ongoing impact of consolidation and
restructuring performed in 2017/2018. The Company anticipates a
significantly reduced loss after tax of approximately GBP1.4m
(2017: GBP2.5m) for the year.
Volatility in foreign exchanges during the year affected
non-sterling denominated revenues as well as costs associated with
the Frankfurt laboratory, but the overall effect on EBITDA was
neutral.
Cash reserves at the year-end were GBP0.9m, similar to 2017,
benefitting from the resolution of R&D tax credit payments for
both 2016 and 2017, and from a partial draw down of the loan
facility made available by Vulpes Investment Management on 3 July
2018. The Board is pleased to report that signed purchase orders
for proteomic services worth over GBP0.20m have been carried
through into the first quarter of 2019.
The Directors look forward to updating shareholders further on
the Company's performance, and on the outlook for 2019, at the time
of the full year results.
Licence agreement with Galaxy CCRO
A further non-exclusive licence to the Company's stroke
biomarker patent portfolio was completed on 22 January 2019 with
Galaxy CCRO Inc. ("Galaxy"), a recently formed US clinical contract
research organisation, which intends to develop a point of care
test for the diagnosis and timing of stroke onset in order to
direct patients to specialists who can administer thrombolytic
treatment. Under the terms of the licence Proteome Sciences will
receive equity in Galaxy as an initial licence fee, with subsequent
development milestones and a running royalty on product sales.
Jeremy Haigh, Chief Executive of Proteome Sciences,
commented:
"As predicted, the fourth quarter of 2018 was the strongest for
our proteomics services business, during which we recognised about
40% of our annual service revenues and generated work orders to the
value of GBP0.25m. Momentum is developing but was not able to make
up for slow adoption in the early part of the year. We are,
however, encouraged by recent progress, by the breadth and
diversity of more than 30 projects engaged during 2018, and by the
value of work orders carried into 2019.
TMT(R) revenues remained strong throughout 2018 and we have
worked hard to replenish 11-plex stock levels and synthesise
higher-plex tags for sale later in 2019.
Costs have reduced significantly as a result of our previous
restructuring activities and these containment efforts will
continue into 2019 in the full expectation that we can further
improve our organisational efficiency and increase TMT(R) and
service revenues.
I am delighted that we have been able to conclude a new
licensing deal with Galaxy, demonstrating the value that resides in
our intellectual property portfolio as we continue to seek
collaborators and partners, as well as customers for our
strengthening services business."
For further information please contact:
Proteome Sciences plc
Dr Jeremy Haigh, Chief Executive Officer Tel: +44 (0)20 7043 2116
Dr Ian Pike, Chief Scientific Officer
Richard Dennis, Chief Commercial Officer
Allenby Capital Limited (Nominated Adviser & Broker)
John Depasquale / Jeremy Porter Tel: +44 (0) 20 3328 5656
About Proteome Sciences plc. (www.proteomics.com)
Proteome Sciences plc is a specialist provider of contract
proteomics services to enable drug discovery, development and
biomarker identification, and employs proprietary workflows for the
optimum analysis of tissues, cells and body fluids. SysQuant(R) and
TMT(R)MS2 are unbiased methods for identifying and contextualising
new targets and defining mechanisms of biological activity, while
analysis using Super-Depletion and TMTcalibrator(TM) provides
access to over 8,500 circulating plasma proteins for the discovery
of disease-related biomarkers. Targeted assay development using
mass spectrometry delivers high sensitivity, interference-free
biomarker analyses in situations where standard ELISA assays are
not available.
The Company has its headquarters in London, UK, with laboratory
facilities in Frankfurt, Germany.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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