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.

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