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Proteome Sciences Posts 12 Percent Decline in Revenue in H1

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NEW YORK (GenomeWeb News) – Proteome Sciences today said that revenues for the first half of 2014 were down 12 percent year over year.

For the six months through June 30, revenues for the UK-based company totaled £784,276 ($1.3 million), compared to £885,475 a year ago. Revenues derived from licenses, sales, and services fell to £711,713 from £751,964 during H1 2013, while revenues from grant services retreated to £72,563 from £133,511.

In a statement, Proteome Sciences' Chief Executive Christopher Pearce said that while the company has "seen further underlying strengthening in our core technologies and services, ... several of the contracts we were expecting earlier in the year have experienced delays in commencement."

He noted, though, that the $2 million assay development contract closed last month with Genting TauRx, which "signals the expansion in our orders and that the scale and number of such contracts is growing steadily."

The company noted that sales of its TMT isobaric tagging reagents were up 98 percent in H1, while it has seen "rapidly expanding order book and activity" for its SysQuant mass spec-based pathway analysis offering.

The company reported a loss from continuing operations for H1 2013 of £1.8 million, or .88 pence per share, up from a loss of £1.7 million, or .86 pence per share a year ago.

Proteome Sciences said administrative expenses rose to £2.5 million in the recently completed period from £2.3 million a year ago.

Proteome Sciences exited the six months with £3.5 million in cash and cash equivalents.

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