Proteome Sciences PLC – Results and Notice of AGM

Proteome Sciences PLC – Results and Notice of AGM

The Company is pleased to announce its audited results for the year ended 31 December 2018.

Highlights:

  • Total revenues of £3.05m (FY17: £3.38m)
  • Proteomic (biomarker) services revenues of £0.75m (FY17: 0.79m)
  • TMT® sales and royalties of £2.10m (FY17: £1.90m) excluding exceptional payments
  • Total costs of £4.71m (FY17: £5.43m); administrative expenses reduced by 19.2%
  • Loss after tax of £1.31m (FY17: £2.50m)
  • Cash reserves at 31 December 2018 of £0.96m (FY17:£0.91m)
  • Extended exclusive TMT® licence agreement with Thermo Scientific to include higher-plex tags
  • Introduced ‘Super Depletion’ work flow, transforming plasma protein quantification
  • Grew services business quarter by quarter, winning 30 new projects
  • Resolved R&D tax credit claims from previous years with HMRC

Post year-end:

  • Completed synthesis of higher-plex TMT® tags ahead of 2019 launch
  • Licensed GST-P stroke biomarker to Galaxy CCRO Inc., a US start up developing a point of care test for the diagnosis and timing of stroke onset

Jeremy Haigh, Chief Executive Officer of Proteome Sciences plc, commented: “Our clear focus in 2018 was to establish a sustainable proteomics services platform, capitalising on the fiscal reliability of our TMT® reagent business and the operational clarity of a restructured organisation.  Despite a much slower start to the year than anticipated, we made significant progress with our service proposition, demonstrating quarter on quarter growth in work orders and recognised revenues, an expanding customer base and receiving positive feedback among 30 projects initiated during the year.  With the near-term availability of higher-plex TMT® set to add significant value to this asset, and the utility of quantitative proteomics increasing in response to diagnostic advances and disruptive technologies such as machine learning, there is good reason to be optimistic about the future.  Moreover, the reliance on new operating models and external partnerships in bioscience affords us an important commercial opportunity providing that our service platform remains competitive. 

After the efforts made last year, I am pleased to report that 2019 has started positively with an improving services business and continuing growth from TMT®.  We look forward to translating such progress into shareholder value, and to providing further updates, during the year.”

Report and Accounts and Notice of AGM:

Copies of the Annual Report and Accounts together with notice of the Annual General Meeting (“AGM”) will be posted to shareholders by 03 April 2019 and made available on the Company’s website (www.proteomics.com) by then.  The AGM will be held at the offices of Allenby Capital, 5 St Helen’s Place, London, EC3A 6AB on 30 April 2019 at 2.30pm.

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