Proteome Sciences PLC GCLP Accreditation and Trading Update (8705T)
October 18 2017 - 2:00AM
UK Regulatory
TIDMPRM
RNS Number : 8705T
Proteome Sciences PLC
18 October 2017
18 October 2017
Proteome Sciences plc
("Proteome Sciences" or the "Company")
GCLP Accreditation and Trading Update
The Company is pleased to announce the receipt of Good Clinical
Laboratory Practice (GCLP) accreditation which will now enable it
to compete effectively for clinical stage contracts commanding
routinely larger budgets; the benefits of this should start being
reflected early in 2018.
As highlighted in the interim results for the six months to 30
June 2017, the Company has over the last year implemented a
thorough review of its operations with a focus on securing
commercial success for its proteomic services through operational
efficiencies and cost containment. Subsequent changes, including
the recent engagement of United BioChannels as sales agent in the
US, have fundamentally altered the approach to customers resulting
in an improved deal pipeline both in terms of the types of projects
and the breadth of potential clients. Demand for TMT(R) reagents
has remained very high throughout the period and continuing good
performance is expected from the exclusive collaboration with
Thermo Scientific.
The Company continues to make solid progress but has experienced
slower adoption of its established proteomic services than
previously hoped; converting general client interest into firm
project commitments and recognised revenues is taking time. While
significant revenue growth and a reduced loss are expected in
comparison with 2016, this revenue growth is predicted to be less
than originally anticipated in 2017 with a corresponding impact on
the loss for the year. Customer engagement and the growth of
service-based revenues remains central to the Company's strategy
and, with evidence of the predicted stronger second half, there is
continued belief in the validity of this approach.
Commenting on this update Jeremy Haigh, Chief Executive Officer
of Proteome Sciences, said "We are working hard to establish
Proteome Sciences as a successful services business and are
beginning to see the benefits of the comprehensive restructuring
and refocusing which was initiated earlier in the year. While we
would have liked greater progress to date, revenues continue to
grow well and we are witnessing a material increase in enquiry and
engagement levels during the second half, particularly from the US.
We remain confident that this can be reliably converted into
service-based revenues in the near to medium term and are pleased
that increasing demand for our TMT(R) reagents continues to
underpin our overall revenue growth and prospects."
For further information:
Proteome Sciences plc
Jeremy Haigh, Chief Executive Tel: +44 (0) 20 7043
Officer 2116
Ian Pike, Chief Scientific
Officer
finnCap Limited (Nominated Adviser & Broker)
Geoff Nash/James Thompson Tel: +44 (0)20 7220
Tony Quirke (Broking) 0500
IFC Advisory (Financial PR and IR)
Tim Metcalfe/Graham Herring/Miles Tel: +44 (0)20 3053
Nolan 8671
About Proteome Sciences plc. (www.proteomics.com)
Proteome Sciences is a leader in applied proteomics offering
high sensitivity, proprietary technologies and workflows for
mapping cell signalling pathways (SysQuant(R) ) and for the
discovery, validation and assay development of protein biomarkers
(TMTcalibrator(TM) ). The company has its headquarters in London,
UK, with laboratory facilities in Frankfurt, Germany from where the
PS Biomarker Services(TM) division provides outsourced proteomics
services and proprietary biomarker assays to biopharmaceutical and
diagnostics companies and to academia.
Proteome Sciences has patented a number of novel protein
biomarkers for diagnostic and treatment applications in important
areas of human therapeutics such as cancer, stroke and Alzheimer's
disease, and these are available for license.
This announcement contains inside information for the purpose of
Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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