Proteome Sciences plc (LON:PRM) has today announced 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 Plc, 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.”
