Annual Report and Accounts 2016

March 31, 2017

In my first annual statement as Chief Executive for the Company I am very pleased to report a strong 12 months ending 31 December 2016, with revenue increased 46% to £2.74m including a 57% increase in sales of TMT® reagents, and results in line with expectations. This was achieved in the context of a turbulent financial environment, challenging market conditions across the bioscience sector, and a significant transition taking place within the Group itself.

A change in leadership in June prompted a revision of strategy: our ambition is to become a premium contract, service-based proteomics business, with sufficient capacity to meet Thermo Scientific’s demand for Tandem Mass Tag (TMT) reagents, and underpinned by a properly resourced bioinformatics unit to take advantage of the value to be derived from data analyses and interpretation. These three operational pillars, coupled with a plan to drive the Group beyond cash-flow break even in the next two financial years, enabled a successful fundraise in the fourth quarter during which we raised £3.3m and broadened our shareholder register with additional institutions. Investment was sought specifically to ensure regulatory compliance across our sites, strengthen our commercialisation capability, and consolidate our footprint appropriately for an organisation of our size.

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