Proteome Sciences PLC Trading Update and Announcement of Board Changes (6968R)
31 Octubre 2019 - 1:00AM
UK Regulatory
TIDMPRM
RNS Number : 6968R
Proteome Sciences PLC
31 October 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
31 October 2019
Proteome Sciences plc
("Proteome Sciences" or the "Company")
Trading Update and Announcement of Board Changes
Proteome Sciences plc (AIM: PRM) is pleased to announce that its
services platform has continued to strengthen through the third
quarter, during which a record number of 43 quotes for new business
were issued. This year to date, 116 customer proposals have been
prepared compared with 56 in the whole of 2018, and while not all
of these will necessarily generate purchase orders, the current
conversion rate of 40% is comparable with industry standards.
Customer interest in this services platform has never been greater
and purchase orders with a value of more than GBP1 million have
been secured so far in the second half for delivery over the coming
12 months; these should drive full year service revenues
significantly ahead of 2018 and provide a strong start to 2020. The
previously communicated appointment of a dedicated European Sales
Manager in August is a direct response to the growing market
opportunity in this region and should also inspire confidence in
further revenue growth.
Importantly for the longer term, customer requests involving
clinical trial samples are also becoming more prevalent. As an
example, a TMTcalibrator(TM) study was recently completed for
Cognition Therapeutics, Inc. (CogRx) analysing cerebrospinal fluid
(CSF) phosphoproteomics from a phase 1b/2a trial of the
experimental Alzheimer's disease drug, Elayta. The results support
improved synaptic health in Elayta-treated individuals with a
reduction in the phosphorylation levels at a majority of the 36
sites analysed on tau protein. CogRx has included these data in
recent presentations at the 20(th) Alzheimer's Drug Development
Foundation International Conference and the Society for
Neuroscience Annual Meeting, and extended this relationship by
contracting the Company to perform TMTcalibrator(TM) analyses of
CSF and plasma samples from their ongoing phase 2 study of Elayta,
with first results expected early next year. Furthermore, the
Company is confident that its unique approach can easily be applied
to phosphoproteomic studies in other diseases and clinical trial
settings.
TMT(R) revenues continue to grow, and the official launch of
TMTpro at the Human Proteome Organisation (HUPO) in Adelaide during
September was well received generating further demand for these
reagents and expanding the current market. Ordering for TMT(R) in
the third quarter of this year was in line with expectations and
the fourth quarter has started strongly. Re-stocking will be
undertaken in 2020.
Cost control remains important and spending is within budget.
Cash reserves are comparable to those reported with the interim
results and the Company anticipates a reduced operating loss
compared with 2018 as it continues to invest in its services
platform.
Of course, uncertainty resulting from the continuing Brexit
debate has not helped the trading environment and, like many other
UK-based SMEs, the Company has been working to mitigate the
potential consequences of a no-deal exit. The importance of the
Company's significant laboratory capabilities in Frankfurt is worth
reiterating at such times, as is the strength of its customer base
in the US given prevailing exchange rates.
The Company also announces that Dr Jeremy Haigh will be stepping
down from the Board and his position as Chief Executive Officer
(CEO) on 31 December 2019. A search for his successor will begin
immediately. Dr Ian Pike will assume the role of CEO, in an interim
capacity from 1 January 2020, in addition to his current
responsibilities as Chief Scientific Officer.
Christopher Pearce, Chairman of the Board, said: "Jeremy was
brought in at a critical time for Proteome Sciences and has been
instrumental in restructuring the Company, reducing expenditure and
pursuing a clear commercial strategy. With the transition to a
proteomic services business now completed, the Board has agreed
with Jeremy that after more than three years as our CEO it is time
for a new leader to take the Company through its next phase of
development. The Board is highly appreciative of the key role that
Jeremy has played in this evolution and would like to pass on its
sincere thanks on behalf of shareholders. The Company will continue
to focus on building its services platform and developing new
partnerships and collaborations through which the value of
proteomics in drug discovery and development can be realised. We
look forward, in due course, to announcing the appointment of a new
CEO."
Commenting on this update Jeremy Haigh, Chief Executive Officer
of Proteome Sciences, said: "I would like to thank the Board for
affording me the opportunity to lead Proteome Sciences. I believe
we have achieved a great deal during the last three and a half
years, creating a leaner, stronger, more professional company with
a clear commercial purpose and identity. I am confident that the
fundamental changes necessary to fulfill the further expectations
of shareholders have now been implemented. To this end, the outlook
for the remainder of 2019 is positive, with strong revenues from
TMT and growth in our services platform from committed work orders
reaching into 2020. I am grateful to my executive team, the entire
staff and many long-term shareholders for their unwavering support
in often challenging circumstances. I look forward to following the
Company's future success."
For further information:
Proteome Sciences plc
Dr Jeremy Haigh, Chief Executive Officer Tel: +44 (0)20 7043 2116
Dr Ian Pike, Chief Scientific Officer
Richard Dennis, Chief Commercial Officer
Allenby Capital Limited (AIM Nominated Adviser & Broker)
John Depasquale / Jeremy Porter Tel: +44 (0) 20 3328 5656
About Proteome Sciences plc. (www.proteomics.com)
Proteome Sciences plc is a specialist provider of contract
proteomics services to enable drug discovery, development and
biomarker identification, and employs proprietary workflows for the
optimum analysis of tissues, cells and body fluids. SysQuant(R) and
TMT(R)MS2 are unbiased methods for identifying and contextualising
new targets and defining mechanisms of biological activity, while
analysis using Super-Depletion and TMTcalibrator(TM) provides
access to over 8,500 circulating plasma proteins for the discovery
of disease-related biomarkers. Targeted assay development using
mass spectrometry delivers high sensitivity, interference-free
biomarker analyses in situations where standard ELISA assays are
not available.
The Company has its headquarters in London, UK, with laboratory
facilities in Frankfurt, Germany.
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END
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