Proteome Sciences plc (LON:PRM) has today announced the receipt of Good Clinical Laboratory Practice (GCLP) accreditation which will now enable it to compete effectively for clinical stage contracts commanding routinely larger budgets; the benefits of this should start being reflected early in 2018.
As highlighted in the interim results for the six months to 30 June 2017, the Company has over the last year implemented a thorough review of its operations with a focus on securing commercial success for its proteomic services through operational efficiencies and cost containment. Subsequent changes, including the recent engagement of United BioChannels as sales agent in the US, have fundamentally altered the approach to customers resulting in an improved deal pipeline both in terms of the types of projects and the breadth of potential clients. Demand for TMT® reagents has remained very high throughout the period and continuing good performance is expected from the exclusive collaboration with Thermo Scientific.
The Company continues to make solid progress but has experienced slower adoption of its established proteomic services than previously hoped; converting general client interest into firm project commitments and recognised revenues is taking time. While significant revenue growth and a reduced loss are expected in comparison with 2016, this revenue growth is predicted to be less than originally anticipated in 2017 with a corresponding impact on the loss for the year. Customer engagement and the growth of service-based revenues remains central to the Company’s strategy and, with evidence of the predicted stronger second half, there is continued belief in the validity of this approach.
Commenting on this update Jeremy Haigh, Chief Executive Officer of Proteome Sciences Plc, said “We are working hard to establish Proteome Sciences as a successful services business and are beginning to see the benefits of the comprehensive restructuring and refocusing which was initiated earlier in the year. While we would have liked greater progress to date, revenues continue to grow well and we are witnessing a material increase in enquiry and engagement levels during the second half, particularly from the US. We remain confident that this can be reliably converted into service-based revenues in the near to medium term and are pleased that increasing demand for our TMT® reagents continues to underpin our overall revenue growth and prospects.”
