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LONDON (Alliance News) - Proteome Sciences PLC said Tuesday that has appointed Geoffrey Ellis as Finance Director, and posted a slightly widened pretax loss for the half-year to the end of June.
Ellis previously acted as chief financial officer of The Walt Disney Co's Network of Disney Channels in Europe, the Middle East and Africa, and managing director Disney Channel Scandinavia, Middle East and Emerging Markets.
Ellis succeeds James Malthouse, who is retiring after 20 years with the company.
Proteome posted a pretax loss of GBP2.1 million, widened from a loss of GBP1.9 million a year before, as revenue declined to GBP784,276 from GBP885,475, and administrative expenses rose slightly to GBP2.5 million from GBP2.3 million.
The company said following the growth in licensing, services and sales of its Tandem Mass Tag reagents in 2013, its core technologies had continued to strengthen in the first-half of 2014. Some contracts it was expecting were delayed, however, and the company said because of their size it is difficult to predict when they will come through.
Proteome said that whilst it is "difficult to be precise" over the timing of these revenue contributions, the scale and number of contracts in its order book is "growing steady and that performance is expected to continue in 2015."
Sales of Tandem Mass Tag reagent's rose 98% compared to the previous year. Proteome expects to see a more significant contribution from the products in the second-half, as well as continued improvement in its revenues from licences, sales and services.
Last Friday the company announced "excellent" results from in vitro toxicity tests for its two lead compounds to treat Alzheimer's disease, which it hopes will attract pharmaceutical companies to partner with Proteome on the treatments.
Shares in Proteome are trading down 8.0% at 35.18 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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