Proteome Regulatory News (PRM)

28 Jul 2008 13:58

Proteome Sciences plc (the "Proteome Sciences" or "Company") AGM Results and Update

Cobham, England, 28 July 2008 - Proteome Sciences plc is pleased to announce that at the Company's Annual General Meeting ("AGM") held earlier today resolutions 1 to 7 were duly passed but resolution 8 was not carried following a poll.

At today's AGM Dr Ian Pike, Chief Business Officer, provided a presentation on the Commercial Value and Importance of Biomarkers. This presentation will shortly be made available on the Company's website (www.proteomics.com). Furthermore, the Company's Chairman, Steve Harris, made the following comments:

"It may be helpful for our shareholders to have a better understanding of the Company's view of the potential market size and importance of our TMT‚® isobaric tandem mass tag technology.

In 2006 estimates for isobaric tandem mass tags indicated that the overall market size over the TMT‚® patent life was likely to be from $0.6bn to $1.4bn, and the rapid 18% annual growth rates evidenced at that time in proteomics and mass spectrometry services subsequently appear to have increased. In the second half of 2007, Proteome Sciences presented the development of TMT Reference Materials¢â€ž¢ and TMTcalibrator¢â€ž¢, high value, high volume bespoke labelling applications that address and open up substantial new markets and opportunities.

In April 2008 Proteome Sciences announced the license agreement for TMT‚® catalogue products with Thermo Fisher Scientific Inc., the global leader serving science. Under the license arrangements with Thermo Fisher, Proteome Sciences retained the use of TMT‚® for custom labelling services and its own research. TMT Reference Materials¢â€ž¢ and TMTcalibrator¢â€ž¢ are predicted to add considerable additional revenue as the pharmaceutical industry and its regulators require increasing access to technologies that improve the quality and throughput of biomarker discovery validation and assay development. This wider use profile increases the potential market size and value of TMT‚®. In addition, custom applications in their own right through the ProteoSHOP‚® services division is an untapped market and could match the estimates for TMT‚® catalogue sales, and with greater returns.

As previously stated, the TMT‚® license agreement was an outstanding deal for our company that should transform our prospects and provide strong cash flow from signature fees, contract manufacturing payments and royalties on sales with additional sales milestones. These should become increasingly visible as we move into 2009. The development of fast, effective and cost efficient TMT‚® workflows for the discovery, validation and development of assays for biomarkers has been completed at a time when the pharmaceutical industry is increasingly requiring access to biomarkers throughout the drug development process to improve the output of their R&D programs. We are most encouraged by the emerging profile and importance of biomarkers and the development of our ProteoSHOP‚® services division.

With substantial progress made in the last 12 months we strongly believe that we are exceptionally placed to capitalise on the growing significance of biomarkers which should provide rapid revenue growth across all aspects of our business."

Contact Proteome Sciences plc at www.proteomics.com

Christopher Pearce, Chief Executive Officer

James Malthouse, Finance Director

Dr. Ian Pike, Chief Business Officer

Tel: +44 (0)1932 865065COAST CommunicationsMatt BaldwinTel: +44 (0)1233 503200IKON AssociatesAdrian Shaw

Tel: +44 (0)1483 535102 / +44 (0)797 9900733

Landsbanki Securities (UK) Limited

Shaun Dobson / Claes SpĴngTel: +44 (0)20 7426 9000About Proteome Sciences:

Proteome Sciences plc is a global leader in applied proteomics, using high sensitivity proprietary techniques to detect and characterise differentially expressed proteins in diseases for diagnostic, prognostic and therapeutic applications.

ProteoSHOP‚® provides integrated proteomic services for biomarker discovery, validation and measurement in clinical trials and in vitro diagnostics. Key features include the proprietary isobaric tandem mass tag technology TMT‚® for accurate and reliable biomarker quantification and the ability to rapidly develop highly reproducible quantitative biomarker assays.

The main focus of its research addresses neurological, oncology and cardiovascular conditions and has discovered blood biomarkers in stroke, brain damage, solid organ transplant rejection and Alzheimer's disease. Proteome Sciences is based in Cobham, UK with facilities in London and Frankfurt.