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Proteome Sciences Posts 138 Percent Rise in Revenues

NEW YORK (GenomeWeb News) – Proteome Sciences has reported that its first-half 2011 revenues increased 138 percent year over year, which it attributed primarily to growth in its biomarker services business and grant income.

The UK-based firm reported total revenues of £618,982 ($953,000) for the six-month period ended June 30, compared to £260,398 for the first half of 2010.

"We have made significant progress towards raising our profile and further increase sales of products with the expectation that the financial benefits will come through in 2012," Proteome Sciences Chief Executive Christopher Pearce said in a statement. "The strong growth of PS Biomarker Services in the first half of the year is expected to continue with increased market penetration, supported by industry projections of 26.5 percent compound growth in the global biomarker market through to 2017."

In addition to the biomarker services revenue, the firm said that it recognized £255,100 in income from grants compared to £44,032 from grants in H1 2010. The firm will receive further income from a grant issued in late June related to a collaboration studying environmental contamination in health and developmental disorders in children. As GenomeWeb Daily News reported at the time, Proteome Sciences was awarded €530,058 ($761,520) as part of the UK project that is receiving funding under the EU Framework 7 program.

Proteome Sciences posted a net loss for the first half of £1.9 million, or .97p, compared to a loss of £1.2 million, or 1.60p, for the first half of 2010.

The firm had £6.5 million in cash and cash equivalents as of the end of June.

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