Preliminary results for the year ended 31 December 2016 Notice of AGM

March 28, 2017

The Company is pleased to announce its audited results for the year ended 31 December 2016.

Highlights:

  • 46% revenue growth to £2.74m, underpinned by 57% increase in sales of TMT® reagents to £1.39m; costs and margins as expected
  • Appointment of new Chief Executive Officer in June; creation of Chief Compliance Officer role to oversee Good Clinical Laboratory Practice (GCLP) accreditation
  • £3.3m fundraise in October, adding a number of new institutional investors, and a revised strategy based on biomarker services, TMT® reagent synthesis and bioinformatics
  • Conversion to a higher value project portfolio, with completion of 25% fewer service contracts generating 57% greater revenues than in 2015
  • Validation and optimisation of a new class of antibodies against our patented stroke biomarker proteins by our partner, Randox Laboratories, with assay launches expected in 2017
  • Initiation of third party due diligence on our casein kinase 1 delta (CK1D) inhibitor portfolio

Jeremy Haigh, Chief Executive of Proteome Sciences, commented: “While we are satisfied with solid progress during 2016, there is clearly much yet to do if we want to realise the full commercial value of our proteomic technologies. The Company is in a transition phase as we seek to expand our customer base to secure larger and more durable contracts for our services. The recent decision to consolidate our laboratory facilities in Frankfurt was difficult given our UK heritage but we firmly believe it to be in the best interests of the Company and our shareholders. We look forward to healthy progress during 2017, to the imminent arrival of our new Chief Commercial Officer, and to providing further updates through the course of the year.”

Report and Accounts and Notice of AGM:

The Report and Accounts and Notice of the Annual General Meeting ("AGM") will be posted to shareholders on March 31st and made available on the Company’s website (www.proteomics.com).  The AGM will be held at the offices of finnCap, 60 New Broad Street, London EC2M 1JJ on 25 April 2017 at 12.00pm.

This announcement contains inside information for the purpose of Article 7 of EU Regulation 596/2014

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