REG - Proteome Sciences - Trading Update

Proteome SciencesAnnouncement

30/11/2023 07:15

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RNS Number : 1357V  Proteome Sciences PLC  30 November 2023

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

30 November 2023

 

 

Proteome Sciences plc

("Proteome Sciences" or the "Company")

 

Trading update for the year 2023

 

The Company announces a trading update to its shareholders.

 

The Company expects the US laboratory to be operational in the coming weeks
and is lining up first customer projects for this laboratory. The Company is
also engaged in discussions with several pharmaceutical companies and academic
groups regarding single cell proteomics projects and hope to initiate studies
early in 2024.

 

However, the Company now expects to report reduced revenues for the full
year 2023, which will be lower than FY 2022. As reported by many other life
science technology providers, the Company has experienced delays to projects,
many of which have been postponed to 2024.  The healthcare industry has faced
a very challenging market environment this year, especially in the second half
of the year.  In addition to other topical macro-economic headwinds, the
Company has seen that the biopharma clients have been restrictive on R&D
outsourcing expenditure through contract research organisations.

 

Reduced revenues combined with the commitment to invest for the future by
opening the Company's US laboratory, developing and commercial launch of
Single Cell Proteomics, and the development of next generation
tags, means the Company expects to post a net loss for the full year 2023.

 

For 2024 the Company expects a more positive environment for services
evidenced by increased customer activity in recent weeks and based on the
expectation that an improved macro-economic environment will drive renewed
investment into drug development at more traditional levels and that delayed
projects will be commissioned.

 

 

Proteome Sciences plc

 Dr. Mariola Soehngen, Chief Executive Officer                    Tel: +44 (0)20 7043 2116

 Dr. Ian Pike, Chief Scientific Officer
 Richard Dennis, Chief Commercial Officer

 Abdelghani Omari, Chief Financial Officer

 Allenby Capital Limited (Nominated Adviser & Broker)
 John Depasquale / Jeremy Porter (Corporate Finance)              Tel: +44 (0) 20 3328 5656

 Stefano Aquilino / Tony Quirke (Sales & Corporate Broking)

 

About Proteome Sciences plc. (www.proteomics.com (http://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® and TMT®MS2 are unbiased methods for identifying and
contextualising new targets and defining mechanisms of biological activity,
while analysis using Super-Depletion and TMTcalibrator™ 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.

 

 

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