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Proteome Sciences' 2011 Revenues Climb Sharply

NEW YORK (GenomeWeb News) – Proteome Sciences preliminarily reported Tuesday that its revenues more than doubled year over year for full-year 2011.

For the year ended Dec. 31, 2011, the UK company recorded revenues of £1.0 million ($1.6 million), up from £450,088 for full-year 2010. The 2010 figure excludes the exceptional £9.5 million in income from the Sanofi-Aventis warranty claim settlement, Proteome Sciences said.

Revenues from licenses/sales/services grew to £663,030, up 97 percent from £336,628 a year ago, while revenues from grant services more than tripled to £358,137 from £113,460 a year ago.

Revenues from its Tandem Mass Tag reagents rose 53 percent year over year, though the company did not provide further details. Steven Harris, chairman of Proteome Sciences, said in accompanying comments that TMT products are expected to continue growing at that rate for the rest of 2012 and beyond as the TMT 18 plex becomes more widely available, "dramatically increasing the value proposition."

The firm's administrative expenses in 2011 grew 2 percent year over year to £5.1 million from £5 million a year ago.

Proteome Sciences had a net loss of £4 million, or 2.06 pence per share, in 2011, compared to a net loss of £5 million, or 3.04 pence per share, in 2010.

It ended 2011 with £4.1 million in cash and cash equivalents.

Christopher Pearce, CEO of Proteome Sciences, said in a statement that the firm has made "clear progress in each of our three main business divisions during 2011. Key new contracts and collaborations have been secured, we have launched new assays covering 50 proprietary biomarkers, seen extremely encouraging results from our 1,000 sample Alzheimer's validation study and made further IP filings to take our portfolio total to over 600.

"Our revenue saw strong growth during the first half of 2011 and we have seen significant like-for-like growth in 2012 to date, most encouragingly with a much greater contribution expected during the second half of the year as we continue to work towards our goal of becoming a profitable and self-sustaining business," he said.

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