Skip to main content
Premium Trial:

Request an Annual Quote

Proteome Sciences' 2008 Revenues Rise Sharply

NEW YORK (GenomeWeb News) - Proteome Sciences this week announced preliminary results of revenue growth of more than 200 percent to £849,487 ($1.38 million) for its fiscal-year 2008, compared to £265,593 ($432,677) in 2007.

The UK firm posted a loss before taxes of £4.8 million for the year ended Dec. 31, 2008, down from £5.5 million in year-ago period.

Among the highlights for the year was an agreement reached in April 2008 to license its isobaric mass tagging technology, TMT, to Thermo Fisher Scientific. In a statement, Christopher Pearce, chairman of Proteome Sciences' board, called the deal "transformational," adding that it will provide the company with long-term revenue and royalties for a range of applications and products.

Following the launch of TMT, there has been a "high level" of acceptance of TMT tags from the market, which has reflected in "strong quarterly compound growth in TMT revenue," Pearce added. He did not provide specific numbers.

The company also is developing biomarkers for a number of diseases and last month announced that Oncimmune had launched the first blood test for lung cancer, based on annexin auto-antibodies developed by Proteome Sciences.

Proteome Sciences will start receiving revenue from the test in the second half of 2009 and expects revenues to rise "sharply" next year and beyond, Pearce said.

The firm finished the year with cash and cash equivalents of £273,810.

The Scan

US Booster Eligibility Decision

The US CDC director recommends that people at high risk of developing COVID-19 due to their jobs also be eligible for COVID-19 boosters, in addition to those 65 years old and older or with underlying medical conditions.

Arizona Bill Before Judge

The Arizona Daily Star reports that a judge is weighing whether a new Arizona law restricting abortion due to genetic conditions is a ban or a restriction.

Additional Genes

Wales is rolling out new genetic testing service for cancer patients, according to BBC News.

Science Papers Examine State of Human Genomic Research, Single-Cell Protein Quantification

In Science this week: a number of editorials and policy reports discuss advances in human genomic research, and more.