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Proteome Sciences 2008 Revenues Triple, Losses Shrink 13 Percent

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Proteome Sciences this week said that its revenue for full-year 2008 more than tripled to £849,487 ($1.38 million) from £265,593 ($432,677) in 2007, according to its preliminary results.

The UK firm did not report its net loss but said that its loss before taxes shrank 13 percent to £4.8 million for the year ended Dec. 31, 2008, from £5.5 million in the year-ago period. It had cash and cash equivalents of £273,810 as of Dec. 31.

While cash flow has improved, it has fallen short of the board's expectations. As a result the board has approved extending the terms of the loan facility to the company made available by Christopher Pearce, the chairman of Proteome Sciences' board, to £10 million, the company said. He had originally made available to the company a loan facility of £4 million in 2007 then increased it to £6 million [see PM 07/05/07].

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 [see PM 04/10/08]. In a statement this week, Pearce called the deal "transformational" and said it will provide the company with long-term revenue and royalties for a range of applications and products.

He added that the company has seen a "high level" of acceptance of TMT tags, which has led to "strong quarterly compound growth in TMT revenue," though he did not provide specific numbers.

Earlier this year, the company said it had increased the plexing rates for TMT tags and that 12- and 18-plex TMT will be available later in the year, adding to the existing 10-, two-, and six-plex tags.

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. It licensed the biomarkers to Oncimmune in January [see PM 01/08/09].

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.

Also last month, the company announced a licensing deal with Axela for its brain damage biomarkers. The two firms will jointly develop tests based on the biomarkers, and Axela will sell them exclusively on its dotLab testing system.

Proteome Sciences has biomarkers for stroke in "advanced development" with third parties, it added. It estimates the market for such a test to be between $500 million and $1 billion.

The company also has changed the name of its services business to PS Biomarker Services from ProteoShop. In March, the company received ISO 9001:2008 certification for its facilities in Frankfurt.

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