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Proteome Sciences PLC (PRM.L): Results For The Six Months Ended 30th June 2009



9/30/2009 12:59:55 PM

Proteome Sciences plc (AIM: PRM), a leading developer of biomarkers in diagnostics and drug development, is pleased to announce its interim results for the six months ended 30 June 2009. The main events of the period are summarised below:

• Commercial

o TMT® sublicense signed between Thermo Fisher and Life Technologies

o Proteome Sciences to receive royalties on iTRAQ sales to 2021 o License agreement in lung cancer with Oncimmune Inc.

o Lung cancer blood test launched in May expected in 100 centres across USA early 2010

o License with Axela Inc. for brain damage biomarkers

o License with Millipore on Luminex® platform for Alzheimer’s

o ISO 9001:2008 certification awarded

o Large follow-on study of stroke biomarkers commencing with existing partner

• Financial

o Cash used in operations £1.57m (2008 : £1.38m)

o Level of costs expected to remain unchanged in second half

o Board expecting a 50% increase in revenue for 2009 over 2008

• Outlook

o Further biomarker licenses expected in Alzheimer’s disease, lung cancer and stroke

o PS Biomarker Services contracts in advanced negotiation

o CysTMT® developed with expected launch Q1 2010

o Continue to monetise IP through further licenses with global leaders in diagnostics, drug development and scientific services

Commenting on these results, Christopher Pearce, Chief Executive of Proteome Sciences, said:

“In the first half of 2009, the previous year’s license agreement with Thermo Fisher Scientific for our TMT® isobaric mass tags has been followed up with three biomarker licenses in lung cancer, brain damage and Alzheimer’s disease. These licenses will generate revenue and royalties from our intellectual property (IP) portfolio and biomarker services and our partners are global leaders in diagnostics, drug development and scientific services with a significant presence in our target markets. Our technology platform is successfully delivering content for personalised medicine and we envisage further monetisation of our IP portfolio through additional licenses.

Over the last 18 months the business has been transformed from no meaningful commercial licenses or revenue to the situation today where we are targeting breakeven/profitability in 2010, supported by strong prospects of serial licenses and revenues from across our activities.”


Read at BioSpace.com


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