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Proteome Sciences Reports 86 Percent Rise in 2013 Revenues

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Proteome Sciences this week posted 2013 revenues of £2.14 million ($3.59 million), up 86 percent from £1.15 million in 2012.

The rise was driven by a 63 percent jump in year-over-year sales of the company's Tandem Mass Tag isobaric tagging reagents as well as a £1.25 million licensing and research deal with Thermo Fisher Scientific around TMT workflows. The company's 2013 grant revenue was £220,000, down 37 percent from £350,000 in 2012.

In a statement accompanying release of the results, CEO Christopher Pearce noted that the company continued this year to make progress across its three main areas of activity – biomarker services, internal biomarker development, and TMT reagent sales. In particular, he said, 2014 TMT sales growth is currently running at roughly double 2013 levels.

Proteome Sciences' net loss for the year was £3.15 million, or 1.62 pence per share, down 26 percent from £4.25 million, or 2.21 pence per share in 2012.

Expenses for the year were £4.92 million, down 2 percent from £5.01 million in 2012.

The company ended the year with £600,262 in cash and cash equivalents.

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