Commenting on these results, Jeremy Haigh, Chief Executive Officer of Proteome Sciences, said:
“Performance during the first six months of 2019 was very encouraging, building on the momentum developed in the second half of 2018. Recognised revenues from our services platform were significantly ahead of the equivalent period in 2018 and, most importantly, we issued a record number of quotes for new business in the second quarter, a fundamental lead indicator of future customer engagement.
Following the announcement of TMTpro 16plex isobaric mass tags during the American Society for Mass Spectrometry (ASMS) meeting in Atlanta in June, Proteome Sciences is launching upgrades to its core proteomic services (SysQuant®, TMTcalibrator™ and Plasma Super Depletion) with increased multiplexing.
The directors of Proteome Sciences are pleased to announce that at the Company's AGM, held at 2.30 p.m. today, all resolutions were duly passed.
A copy of the presentation given by the CEO, Jeremy Haigh, at the AGM will be available on the Company’s website tomorrow. Link here to AGM slides
At the Company’s AGM being held today at 2.30 pm the Chairman, Christopher Pearce, will make the following statement:
“As indicated in our recent results, we remain optimistic about the future, 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. We are pleased to report a good first quarter, with further growth in sales and royalties from TMT® and an improving services business continuing the trend in orders and revenues established during the latter part of 2018.”
The Annual Report and Accounts for the year ended 31 December 2018, 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 2018.
The Directors of Proteome Sciences look forward to updating shareholders on the Company’s performance, and on the outlook for 2019, at the time of announcing the 2018 full year results which are scheduled for release on 2 April 2019.
Annual General Meeting
The Annual General Meeting of the Company will take place at the offices of Allenby Capital, 5 St Helen's Place, London EC3A 6AB, at 2.30pm on 30 April 2019. Formal notice of such will be posted to shareholders with the annual report in April.
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. Galaxy CCRO Inc announcement
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 £3.0m (2017: £3.4m). TMT® sales and royalties accounted for approximately £2.1m, 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 £4.4m were 12% lower than the previous year (2017: £5.0m) reflecting the ongoing impact of consolidation and restructuring performed in 2017/2018. The Company anticipates a significantly reduced loss after tax of approximately £1.4m (2017: £2.5m) for the year.
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 £0.25m.