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Proteome Sciences Reports 13 Percent Jump in 2012 Revenues

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Proteome Sciences this week reported full-year 2012 revenues of £1.2 million ($1.8 million), up 13 percent from £1 million in 2011.

The increase was driven by a jump in license, sales, and service revenue, which rose 22 percent to £810,000 from £660,000 in 2011. Grant revenue was £350,000, down 3 percent from £360,000. Revenues from sales of the company's TMT isobaric tagging reagents were up 41 percent.

Cost of sales for 2012 increased 49 percent to £385,468 from £257,274, while administrative expenses fell 2 percent to £5 million from £5.1 million.

The company's loss before tax was £5.2 million, up 15 percent from £4.5 million in 2011.

In comments accompanying the release of the results, Proteome Sciences CEO Christopher Pearce predicted "a considerable uplift in 2013 revenue," noting that the company expected a strong performance from licenses, products, and services.

He cited in particular the company's biomarker business, saying that "protein biomarkers are receiving increasing prominence and attention and we are benefiting from a broad and growing pipeline of contracts as we continue to raise our research and corporate profile."

Proteome Sciences launched a number of biomarker assays in the last year, for instance, expanding its SysQuant phosphorylation assay from 2,200 phosphoproteins measured in a single run to 11,000. It also launched its Alzheimer's CSF 16-plex assay, a panel for simultaneously measuring 16 protein biomarkers in cerebrospinal fluid.

The company also noted that it expects significant continued growth of sales of its TMT tagging reagents – key tools in mass spec-based protein quantitation – following the introduction this year of eight-plex and 10-plex reagents. It anticipates launch of 20-plex and 30-plex reagents late this year or in early 2014.

Proteome Sciences closed 2012 with £860,000 in cash and cash equivalents.

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