Last checked at 21 Feb 2007 09:41
PROTEOME SCIENCES plc PRESS RELEASE
21st February, 2007. Since the publication of the Interim Results, Proteome Sciences has made considerable progress as evidenced by recent developments in its intellectual property portfolio.
Matters have advanced at a particularly fast pace for the TMT‚® patents over the last few months as demonstrated in the December 2006 press releases on this subject. The notice of intention to grant in Europe is very important and the US appears to be close behind and in its final stages. The Board is very pleased with the way the process is proceeding.
The six press releases since October 2006, in particular the 18th December TMT‚® announcement that estimated that the market for isobaric mass tags (TMT‚®) over the patent life has increased to $0.6-$1.4bn, provide a strong indicator as to what is happening. In these circumstances, the Board remains confident of the successful commercialisation of TMT‚®.
As set out in the 2005 Report and Accounts, Proteome Sciences filed a claim for the breach of certain warranties provided by Sanofi-Aventis Deutschland GmbH
at the time of the acquisition of Xzillion Proteomics GmbH & Co. KG under which it is seeking damages of up to ¢â€š¬30m. This action is being vigorously pursued and the final submission is close to completion.
On 29th June 2006, the company entered into an agreement with C.D.J. Pearce, the Chief Executive of the Company, under which he agreed to provide a loan facility of up to ‚£2m to the company, available from 1st August, 2006 that carries interest at 2.5% above the base rate of Barclays Bank Plc. In order to provide additional working capital, Mr. Pearce has offered to increase the total size of the facility on the same terms to ‚£4m.
In view of the size of the loan facility, it has been agreed that security for the loan should be charged against the company's patent portfolio up to the value of the loan outstanding and that the loan should be convertible into ordinary shares of the Company at the lower of market price on the date of conversion or the average price over the lowest consecutive ten day trading period since the 29th June, 2006 (the date on which details of the original loan agreement were disclosed).
The Directors of the Company, (with the exception of Mr. Pearce who in view of his interest in the transaction, has taken no part in consideration thereof) having consulted with its nominated adviser in relation to the loan facility from Mr. Pearce, consider that the terms of this transaction are fair and reasonable insofar as shareholders are concerned.
The provision of this facility should allow the Company to complete the successful outlicencing of TMT‚® and to see it through to the revenue anticipated from its biomarker portfolio, ProteoSHOP‚® activities and from the warranty claim.
Ends Notes to editors: Proteome Sciences plc
Proteome Sciences, a global leader in applied proteomics, uses high sensitivity proprietary technologies to detect differentially expressed proteins in diseases. The protein biomarkers discovered in body fluids or tissues are validated, developed and commercialised as diagnostic, prognostic or therapeutic products through strategic alliances and out-licensing.
Through its unique ProteoSHOP‚® toolbox, Proteome Sciences provides high sensitivity/high throughput proteomics solutions, including traditional two dimensional gel-based electrophoresis (2DE) and proprietary gel-free protein sequence tag technologies (PST‚®, qPST¢â€ž¢& TMT‚®), to major pharma, biotechnology and diagnostic companies, to discover and exploit protein biomarkers. Sensitizer‚® chemical mass tags have been developed separately as a series of stand-alone reagents.
For further information please visit www.proteomics.com.
Enquiries: Proteome Sciences plc
Christopher Pearce, Chief Executive Officer
Email: christopher.pearce@proteomics.com
James Malthouse, Finance Director
Email: james.malthouse@proteomics.com
Tel: +44 (0)1932 865065
Public Relations for Proteome Sciences
IKON Associates Adrian Shaw
Tel: +44 (0)1483 535102
Mobile: +44 (0)797 9900733
Email: adrian@ikonassociates.com
PROTEOME SCIENCES PLC