This update serves to correct the reported net loss and clarify Proteome Sciences' expectation that protein biomarkers may be used to accelerate drug development and reduce costs.
NEW YORK (GenomeWeb News) - Proteome Sciences said full-year 2005 net losses increased 3.7 percent to £4.17 million ($7.7 million) from £4.02 million year over year.
The preliminary year-end report, released yesterday, also showed that total revenue slumped more than 77 percent to £16,200 from £73,000 a year ago.
Explaining the slump, Proteome Sciences CEO Christopher Pearce said adoption of protein-related technology was slower than expected and some deals scheduled to close at year-end were delayed.
However, the company has seen a significant increase in the number of pharmaceutical companies that have approached it during the first half of 2006.
Proteome Sciences said it expects protein biomarkers to accelerate drug development and reduce costs, and said its highest priority is to expand its licensing program to other companies.
The company had cash and equivalents of £2.6 million at year's end.