Proteome Sciences PLC Trading Update & Notice of Results (3837W)
09 February 2017 - 7:00AM
UK Regulatory
TIDMPRM
RNS Number : 3837W
Proteome Sciences PLC
09 February 2017
Proteome Sciences plc
(the "Company" or the "Group")
Trading Update and Notice of Results
Trading Update
The Company is pleased to provide a trading update for the 12
months ending 31 December 2016.
After a strong first half, progress continued throughout the
rest of the year with results in line with expectations. Buoyed by
robust sales of our TMT(R) reagents and the associated royalties,
unaudited revenues during the full year increased by 46% to
approximately GBP2.74m (2015: GBP1.88m). Costs and margins were as
expected and the Company recorded a loss after tax of approximately
GBP2.30m compared with GBP2.72m in 2015.
We have witnessed major moves in foreign exchange since the
Brexit vote last June which increased our foreign denominated
revenues as well as the costs associated with our Frankfurt
facility. The net effect on EBITDA was neutral.
Consolidation of Laboratory facilities
Following the successful GBP3.3m placing last October the
Company has put itself on a stronger financial footing, as we
expand our commercial proteomics services and continue to identify
efficiencies in resource allocation. In support of this we will be
consolidating all our laboratory capabilities at our existing
facility in Frankfurt during the first half of 2017. Managing a
single, fully functional laboratory operating to GCLP standards
will enable much better utilisation of our resources and avoid the
cost and disruption associated with establishing a new laboratory
in the UK. We are, of course, extremely grateful to our staff at
Kings College in London for their work on behalf of the Company
over many years and offer them our very best wishes.
In addition, it is our intention to move the Company
headquarters from Cobham to a serviced office in the centre of
London and we hope to have completed this relocation by the end of
June. The full reorganisation of our UK facilities should result in
material cost savings from 2018 onwards.
Chief Commercial Officer Appointment
Given the critical importance of commercialising our proteomic
services to the future success of Proteome Sciences, we are also
delighted to announce the appointment of Richard Dennis as the
Company's first Chief Commercial Officer. With a very strong
background in strategic sales and marketing, and extensive
technical experience gained most recently as Director of
International Commercial Operations at Quanterix Corp. and
previously at Bioscale Inc., Richard is a hugely valuable addition
to the Company and will be joining us at the start of April with an
immediate focus on refining and executing the commercial plan for
the business.
Notice of Results
The Directors look forward to updating shareholders on the
Company's performance, and on the outlook for 2017, at the time we
announce our 2016 full year results which are scheduled for release
on 28 March 2017.
Annual General Meeting
The Annual General Meeting will take place in London on 25 April
2017 and further details will be provided in due course.
Jeremy Haigh, Chief Executive of Proteome Sciences,
commented:
"While we are satisfied with progress over the last year, there
is much yet to do if we want to realise the full value of our
proteomic technologies. The Company is in a transition phase as we
expand our proteomics services and our customer base to secure
larger and more durable contracts. The decision to consolidate our
laboratory facilities in Frankfurt was not easy given our UK
heritage, but we firmly believe it to be in the best interests for
the Company and our shareholders. We look forward to healthy
progress during the first half of 2017, to the arrival of our new
Chief Commercial Officer, and to providing further updates through
the course of the year.
For further information:
Proteome Sciences plc
Dr Jeremy Haigh, Chief Executive Officer Tel:
+44 (0)1932 865065
Dr Ian Pike, Chief Scientific
Officer
Geoff Ellis, Finance Director
finnCap Limited (Nominated
Adviser/Broker) Tel: +44 (0)20 7220
Geoff Nash/James Thompson 0500
Tony Quirke (broking)
IFC Advisory (Financial PR and IR)
Tim Metcalfe/Graham Tel: +44 (0)20 3053
Herring/Miles Nolan 8671
Notes for editors:
Proteome Sciences is a leader in applied proteomics offering
high sensitivity, proprietary technologies and workflows for
mapping cell signalling pathways (SysQuant(R) , TMTcalibrator(TM) )
and for the discovery, validation and assay development of protein
biomarkers. The company has its headquarters in Cobham, UK, with
laboratory facilities in London, UK and in Frankfurt, Germany from
where the PS Biomarker Services(TM) division provides outsourced
proteomics services and proprietary biomarker assays to
biopharmaceutical and diagnostics companies and to academia.
Proteome Sciences has patented a number of novel protein
biomarkers for diagnostic and treatment applications in important
areas of human therapeutics such as cancer, stroke and Alzheimer's
disease, and these are available for license.
This announcement contains inside information for the purpose of
Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
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