Proteome Sciences PLC on Friday reported higher costs in the first half of 2023 despite revenue remaining virtually flat, causing a swing to a loss.
The London-based protein-focused drug development services provider said pretax loss in the first half of 2023 was £547,000, swung from a profit of £75,000 a year prior. Revenue remained largely flat at £3.2 million.
Administrative expenses increased 26% to £1.9 million from £1.5 million. Finance costs doubled to £384,000 from £192,000.
Looking ahead, Chief Executive Officer Mariola Soehngen said: ‘The board is confident of maintaining the good performance into the second half of the year. Tandem Mass Tags revenues remain strong and we have good dynamic in the order generation of our service business. The launch of SysQuant SCP and the setting up of our US lab are important investments and we expect these to provide a good basis for further growth of the business.’
SysQuant SCP provides a comprehensive analysis of protein activity across regulatory and signalling pathways. Tandem Mass Tags or TMT allow tighter control on analytical variability and rapid development of mass spectrometry assays for biomarker validation.
Proteome Sciences shares fell 18% to 7.00 pence each on Friday morning in London.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
