Proteome Sciences narrows losses, bright outlook

Proteomics specialist Proteome Sciences reduced half year losses and expects second half revenues to be significantly boosted as it doubles the number of biomarker tests available from PS Biomarker Services.

The group expects major licences and contracts from its proprietary biomarkers and services, which should bolster revenues in the second part of the year.

For the six months ended June 30th 2012 pre-tax loss from continuing operations reduced to £1.19m from a loss of £1.86m the same time a year earlier. Revenue for the period increased to £0.89m from £0.62m before. Licences, sales and services revenue rose 38% to £0.50m.

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Chief Executive Christopher Pearce commented: "The excellent first half performance has continued with strong news flow, product launches and activity."

Biomarkers are set to rise over 100 in 2012 while its stroke licence is setting a new record with seven digits dollar fees and double-digit royalties.

"The benefits of the investment we have made are being reflected in strong commercial and revenue growth across all divisions of the business as we close in on our goal of becoming a profitable and cash generative business."

CJ