Press Release: Proteome Sciences Results for the Year Ended 31 Dec 07

25 Jun 2008

HIGHLIGHTS

• Commercialisation
  Grants of patent for TMT1 in Europe and USA.
  Earliest patents to 2021 with broad claims across isobaric tandem mass tagging.
  TMT® license with Thermo Fisher Scientific Inc. - a major milestone including signature fees, contract manufacturing payments, royalties and sales milestones.
  Proteome Sciences retains high value/high volume custom TMTcalibrator™ and TMT Reference Materials™.
  Major TMT® product launch in June at ASMS, Denver by Thermo Fisher.
  Global leader in chemoproteomics, Cellzome, adopts TMT®.
  ProteoSHOP® revenue increased 388% in 2007.
  Conversion of stroke research licence into full licences slower but in progress.
  Intronn Inc. assets sold to VIRxSYS Corp in all stock transaction.  Proteome Sciences retains its 43% shareholding.  Intronn to participate in upside value of VIRxSYS through preferred stock.
  ISO9001 process to be completed Q3, 2008.

• Financial
• Reduced loss for period £5.25m (2006 : £5.64m).
• Unaudited revenue £0.81m for 5 months to May, 2008.
• Cash used in operations £4.17m (2006 : £4.96m).
• Cash balance £0.53m (2006 : £0.30m).
• Additional £2m working capital from increased loan facility.
• Consistent and predictable cash burn

• Current Outlook
  Outstanding prospects for isobaric tandem mass tagging and TMT®.
  Delivering rapid biomarker and assay solutions to meet needs of pharma and diagnostics.
  Strong interest and enquiries for ProteoSHOP®.
  Proprietary biomarkers benefiting from ‘in-house’ development.
  Sustainable and rising revenue from all activities

Commenting on these results, Christopher Pearce, Chief Executive of Proteome Sciences, said:

“A number of major milestones have been achieved, the most important of which are the grant of the TMT1 patents in Europe and the USA with broad claims across the field of isobaric mass tagging and the exclusive license agreement with Thermo Fisher Scientific for TMT®.

These have crystallised Proteome Sciences’ position as global leaders in chemical tagging with mass spectrometry and, at the same time, we have established ourselves at the forefront of biomarker discovery, validation and qualification and rapid assay development.

The workflows and tools that have been developed transforms the time and costs in biomarker and assay development, reducing it from years to a number of weeks.  We consider that these new solutions will have a profound effect across drug development, disease management and the advances in personalised medicine.

We are most encouraged by the emerging profile and importance of biomarkers and we strongly believe that we are exceptionally placed to capitalise on this through rapid revenue growth from all aspects of our business; the ProteoSHOP® services division, TMT® and our growing portfolio of proprietary disease biomarkers.” 

Attachments:

 Preliminary Results_Year Ended 31 December 2007.pdf