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Proteome Sciences' H1 2012 Revenues Improve 44 Percent

NEW YORK (GenomeWeb News) – Proteome Sciences today said that revenues during the first half of 2012 rose 44 percent year over year.

For the period ended June 30, the Cobham, UK-based firm posted £892,827 ($1.4 million) in revenues, up from £618,982 for the first half of 2011. Grant services grew 53 percent year over year, Licenses/Sales/Services increased 38 percent, and TMT reagent sales rose 171 percent.

Cost of sales for the first half of the year increased 78 percent to £231,595 from £130,086, while administrative expenses slid 12 percent to £2.2 million from £2.5 million.

The loss for the period was trimmed to £1.2 million, or .62 p per share, from a loss of £1.9 million, or .97 p per share, a year ago.

Proteome Sciences ended the half-year with £2.4 million in cash and cash equivalents.

Among the business highlights for the company during the first half of 2012 was an agreement with Randox Laboratories for the use of Proteome Sciences' stroke protein biomarker portfolio for products in the early diagnosis of stroke and subsequent patient monitoring.

The company also said in March that it would provide biomarker analysis for a new European research initiative to study hypothermia as a treatment after stroke. Most recently, Proteome Sciences said in August that it is collaborating with CHDI Foundation on research into biomarkers for Huntington's disease.

Moving ahead, the company's focus will be on building revenues for its three core businesses: PS Biomarker Services, Proprietary Biomarkers, and TMT chemical reagents, the firm said.

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