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.