Proteome Regulatory News (PRM)

Proteome Sciences plc

AGM Statement

29 June 2011 Proteome Sciences plc ("Proteome Sciences") is pleased to announce that at the Company's Annual General Meeting (AGM) held earlier today all the resolutions were duly passed.

At the AGM, Christopher Pearce, the Chief Executive of the Company made the following comments:-

"Proteome Sciences has made significant progress over the last eighteen months. We reported a pre-tax profit for the year ended 31 December 2010 of £4.59m which helped to transform our balance sheet. We also made important strategic and commercial progress which reinforced our position in the biomarker market. 

We believe that biomarkers have an increasingly important role to play in the development of the healthcare industry with their ability to help increase R&D productivity, facilitate faster and cheaper drug discovery and also help in the development of more targeted drugs. All three of these attributes have clear economic benefits which we see as being a key driver over the next decade. 

Proteome Science's investment to develop biomarkers and biomarker services is delivering a growing portfolio of assays, products and services. Over the next year we are focused on commercialising and further developing these products and services. To that end, we are expanding our senior business development and sales team and can announce today the appointment of a top level Senior VP Sales/Business Development who will spearhead our sales drive in the United States.

Yesterday we announced that Proteome is a participant in a new project "DENAMIC" that has been awarded a €6.99m EU Framework 7 Grant over the next two years to study the effects of environmental contamination in health and developmental disorders in children (autism, attention deficit hyperactivity and anxiety disorders). This is further evidence, along with the growing number of customers, of the value of PS Biomarker Services and its potential to generate substantial revenue and contracts.

As a result of the activities described above, we believe that revenues in the first half of the current year (including grant income) are set to double over the corresponding period last year. With over 400 patents, the value of our IP asset base and assay portfolio is growing sharply and is now supported by a strong financial position. This underpins our confidence in the business and that it is well positioned to deliver value to shareholders."

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About Proteome Sciences

Proteome Sciences is a global leader in applied proteomics and peptidomics offering high sensitivity, proprietary technologies for protein and peptide biomarker discovery, validation and assay development.

Its PS Biomarker Services™ uses isobaric and isotopic Tandem Mass Tag® (TMT®) workflows developed on the latest Orbitrap Velos and TSQ Vantage mass spectrometers to deliver rapid, robust and reproducible biomarker assay development for customers in the pharmaceutical, diagnostic and biotechnology sectors. Services are provided from its ISO 9001: 2008 accredited facilities in Frankfurt, Germany. By combining Selected Reaction Monitoring (SRM) and TMT workflows highly multiplexed assays can be developed rapidly and are suitable for screening hundreds of candidate biomarkers in larger validation studies and can be transferred for immunoassay development. The Company's own research has discovered a large number of novel protein biomarkers in key human diseases and is focused mainly in neurological/neurodegenerative conditions and in cancer. It has discovered and patented blood biomarkers, including Alzheimer's disease, stroke, brain damage and lung cancer for diagnostic and treatment applications that are available for license or are already outlicensed. Proteome Sciences, based in Cobham, UK, with facilities in London and Frankfurt, delivers outsourced proteomics services and proprietary biomarkers/biomarker assays to pharmaceutical, biotechnology and diagnostics companies.

Visit: http://www.proteomics.com.