Loan Agreement and Notice of Results
The Company announces that it has entered into an unsecured £1,000,000 loan facility agreement (“Loan Facility”) with Vulpes Lifesciences Fund (“Vulpes”) to be used for working capital purposes.
As announced at the time of the AGM on 30 May 2018, the Company has been in discussions with a number of larger shareholders who remain supportive and will provide non-dilutive funding should it be required to facilitate the evolution of the business. The Loan Facility will provide the Company with additional working capital while it continues to invest in growing its services business.
At the AGM held earlier today the CEO, Jeremy Haigh, made a brief statement: “As stated in our recent results, we expect 2018 to be a year of progress as we develop our biomarker services business and the market for TMT® strengthens. Trading is broadly in line with expectations despite a characteristically slower first quarter, and the services business continues to demonstrate significant growth. While the Company remains cash constrained, we have had discussions with a number of our larger shareholders who remain supportive and will provide non-dilutive funding should it be required to facilitate the evolution of the business.”
The Annual Report and Accounts for the year ended 31 December 2017, together with a notice of the Annual General Meeting is available to view on the Companies website www.proteomics.com and will be posted to shareholders imminently.
The Company is pleased to announce its audited results for the year ended 31 December 2017.
Proteome Sciences plc is pleased to announce that Mr Richard Dennis has today been appointed to the Board of Directors.
Electrophoretics Ltd, a wholly owned subsidiary of Proteome Sciences plc, is pleased to announce that it has signed an amendment to the exclusive License and Distribution Agreement with Pierce Biotechnology Inc., a part of Thermo Fisher Scientific Inc., extending the current license to include intellectual property relating to a new class of higher-plex TMT® reagents currently in development.
The Directors look forward to updating shareholders on the Company’s performance, and on the outlook for 2018, at the time we announce our 2017 full year results which are scheduled for release on 24 April 2018.
Annual General Meeting
The Annual General Meeting will take place in London during the last week of May 2018 and further details will be provided in due course.
The Company announces that on 21 March 2018 Roger McDowell, a Non-Executive Director of the Company, sold 500,000 ordinary shares of 1 pence each ("Ordinary Shares") at a price of 3 pence per Ordinary Share and bought, into his SIPP, 500,000 Ordinary Shares at a price of 3.006 pence per Ordinary Share (the "Transfer").
The Company today provides a trading update for the 12 months ending 31 December 2017.
Commenting on this update Jeremy Haigh, Chief Executive Officer of Proteome Sciences, said "While progress was slower than we would have wished during 2017, particularly on the services side of the business where early adoption has been challenging, this is not surprising given the scale of change undertaken by the company in the first half of the year. However, with the benefits of a leaner organisation, a new model for commercial engagement now fully deployed in both our principal operating territories and the reassurance of robust and increasing demand for our TMT® reagents, we have the platform necessary to realise the full value of our available proteomic technologies. Following fundamental changes to our services business we are encouraged by stronger performance in the fourth quarter of 2017 and the order book moving into 2018. It is now possible to consider the range of options available to a company with our ambition; I look forward to doing this and to providing further updates throughout the course of the year."