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UPDATE: Proteome Sciences H1 Revenues Grow 10 Percent

The story has been updated to include net loss from the first half of 2012 on an adjusted basis and to reflect that the company raised cash after the end of the recently completed period.

NEW YORK (GenomeWeb News) – Proteome Sciences today said that revenues for the first half of 2013 increased 10 percent year over year.

For the six months through June 30, revenues for the UK-based company totaled £885,475 ($1.4 million), compared to £806,291 a year ago. Revenues derived from licenses, sales, and services rose to £751,964 from £502,025 during H1 2012, while revenues from grant services retreated to £133,511 from £304,266.

In a statement, Proteome Sciences' Chief Executive Christopher Pearce said that the company's focus remains on maximizing revenues from its three core areas, PS Biomarker Services, Proprietary Biomarkers, and the TMT product line.

"The number of biomarkers covered by our assays continues to grow sharply with significant new tests added in the first half in Alzheimer’s and breast cancer with more to come in the second half," he said, adding, "Helped by the strong supporting data generated during the year, we are pushing hard to bring forward the outlicensing process for our CK1d compounds that inhibit tau protein phosphorylation to a pharmaceutical partner from whom we expect to command very substantial license fees, milestones, and royalties."

Meanwhile, TMT sales have benefitted from the "arrival" of the TMT 10-plex, "and these will be supplemented by further extensions to the range in 2014. There is a broad and rapidly expanding pipeline at PS Biomarker Services and we expect strong growth in licenses, sales, and services in the second half of the year," Pearce said.

The company reported a loss from continuing operations for H1 2013 of £1.7 million, or .86 pence per share, up from a loss of £1.3 million, or .66 pence per share a year ago.

In H1 2012, the loss was £1.6 million "after adding back £340,000 of additional R&D tax credit from a prior-year adjustment," the company said.

Proteome Sciences said administrative expenses inched up to £2.3 million in the recently completed period from £2.2 million a year ago.

Proteome Sciences exited the six months with £514,375 in cash and cash equivalents. In August the firm issued more than 3.7 million new shares, raising about £1.6 million.