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UPDATE: Proteome Sciences Proposes New Placing; Revenues Rose 54 Percent in 2009

The story has been revised to correct the name of the trading subsidiary on a loan. The correct name is Electrophoretics Limited. GenomeWeb Daily News regrets the error.

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Proteome Sciences today separately announced a proposed placing, new offer, and preliminary results for full-year 2009.

The UK firm said it has conditionally placed 24,050,000 new ordinary shares at 20 pence each to raise £4.8 million ($7 million) before expenses with new and existing investors.

Singer Capital Markets acted as Proteome Sciences' agent on the placement.

Proteome Sciences also said it is looking to raise an additional £2.07 million before expenses through an open offer of up to 10,350,000 shares to existing investors.

The share price represents a discount of 28 percent to the closing price of 27.75 pence per share on June 4, Proteome Sciences said in a statement.

The placing and open offer are intended to provide Proteome Sciences with resources to see the company through to breakeven/profitability, the company said in a statement. It also intends to use the funds to make capital investments in equipment for its PS Biomarkers Services division and fund further development of mass spec assays for Proteome Sciences' proprietary biomarkers with its TMT-SRM isobaric tandem mass tagging technology.

Proteome Sciences CEO Christopher Pierce has also agreed to convert £5 million of his £10 million loan to the company into new ordinary shares at 20 pence each, subject to shareholder approval. He also agreed to novate the loan to its main trading subsidiary, Electrophoretics Limited, which will assume Proteome Sciences' payment obligations.

In preliminary results for the year ended Dec. 31, 2009, the company reported that its revenues increased to £1.3 million, up 54 percent from £849,487 in full-year 2008. Loss from continuing operations shrank 13 percent to slightly more than £4 million, or 3.02 pence per diluted share, from £4.6 million, or 3.49 pence per share, in 2008.

The company reported £131,158 in cash and cash equivalents as of Dec. 31., down from £273,810 a year ago. In a statement, Proteome Sciences said that it is targeting breakeven in 2010 supported by rising revenue and royalties.

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