NEW YORK (GenomeWeb News) – UK proteomics services provider and reagents firm Proteome Sciences today said they have received €11 million ($15 million) from Sanofi-Aventis Deutschland to settle a claim alleging breach of certain warranties.
Proteome Sciences also announced that its revenues for the first half of 2010 more than doubled compared to a year ago while its net loss narrowed by 10 percent.
Sanofi-Aventis paid Proteome Sciences the €11 million on Wednesday and settled a court claim that Proteome Sciences had filed against the drug maker in connection to a sales and transfer agreement concerning a share and limited partnership interest in Xzillion Proteomics.
Proteome Sciences acquired Xzillion, a proteomics service provider, from Sanofi-Aventis in 2002.
The UK firm provided no further details about the settlement. In its half-year earnings report, R.S. Harris, chairman of the company, said that the €11 million provides it with further financial resources which will allow management "to focus its full attention on the commercial exploitation of the biomarker IP and biomarker services activities."
The company said that for the first half of 2010 ended June 30, revenues rose to £216,366 ($340,925), up 140 percent from £90,321 ($142,341) a year ago. Net loss for the six months was trimmed to £2,162,203, or 1.60p per share, from £2,395,076, or 1.80p per share.
SG&A costs for H1 2010 was £2.3 million, down from £2.4 million a year ago.
Proteome Sciences reported £5,457,414 in cash and cash equivalents as of June 30.