Proteome Sciences Increases Loan to $12M; Will Ensure Solvency Until ProtoShop Revenue Appears

Jun 29, 2007

NEW YORK (GenomeWeb News) — Proteome Sciences' CEO Christopher Pearce has increased an existing loan facility to the company from £4 million ($8 million) to £6 million, the company said today.

Proteome said the additional cash will keep the company solvent until it starts recording revenue from its ProteoShop biomarker portfolio.

The expanded facility will also enable the firm to out-license its TMT products, which it expects to happen sometime during the next five months.

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