Interim Results
PROTEOME SCIENCES plc
PRESS RELEASE
For immediate release 30th September 2005
RESULTS FOR THE SIX MONTHS ENDED 3Oth JUNE 2005
HIGHLIGHTS
* Financial
o Headline loss (excluding non-cash items and associates) £1.91m (2004 : £1.85m)
o Cash balance at 30 June, 2005 of £4.9m (2004 : £4.3m).
o Controlled cost base.
* Commercialisation
o TMT® licence agreement expected to be concluded satisfactorily. Negotiations to be extended
to other shortlisted parties.
o This may result in enhanced deal value from three different revenue streams as market for
TMT® tags greater than initially contemplated.
o Stroke markers HTS discussions progressing well with major diagnostics companies.
o Expansion and further robust validation of stroke data for high throughput screening.
o Over 17 blood biomarkers in Alzheimer's available for diagnostic panels. This will
accelerate the licensing process.
o Validation of blood biomarkers in BSE and ELISA's being developed.
o Other programmes in organ transplant rejection, Alzheimer's and oncology making strong progress.
* ProteoSHOP®
o qPST® being deployed for routine use.
o ProteoSHOP® toolbox actively marketed to global pharma to develop biomarkers for efficacy,
safety, toxicity in clinical trials: now an FDA requirement.
* Reagents
o New key feature and patents filed for CombiSMT for targeted analysis of multiple protein samples.
* Veri-Q Inc
o Validated technology attracting significant interest; discussions with a number of prospective
licensees underway.
* Intronn Inc.
o Replicated high levels of improvement in the protein component of HDL - 'Good cholesterol'.
o Active discussions to commercialise SMaRT® for dyslipidemia.
o New SMaRT® applications in molecular imaging.
o External valuations for SMaRT® through strategic partnering and licensing.
* Current Outlook
o Conversion of research into revenue is the primary consideration for 2005.
o Research strategy focused on major areas of disease progression.
o Proteome Sciences well positioned to capitalise from commercial opportunities currently
available.
Commenting on these results, Christopher Pearce, Chief Executive of Proteome Sciences, said:
"During this year we have so far completed the first signing of a ProteoSHOP® deal and we are confident
that the licensing for TMT® reagents will be completed to everyone's satisfaction, in a deal that will
result in greater value to Proteome Sciences than originally anticipated.
Importantly, the global pharmaceutical industry is now paying significant attention to the value and
essential role that accessible and highly validated biomarkers will play in the diagnosis and prognosis of
and drug development for major diseases. This has been reflected in the considerable and rapidly growing
interest that is now being paid to our ever broadening portfolio of biomarkers and chemical mass tags.
We expect to see the emergence of larger value and longer term relationships through further ProteoSHOP®
alliances and biomarker deals, most immediately in stroke and Alzheimer's disease where discussions are
actively progressing. Our core focus remains the conversion of our scientific research into commercial
revenue."
ENDS
Attached: Full text of Chairman's statement, consolidated profit and loss account, consolidated balance sheet,
consolidated cash flow statement and notes to the financial information.
For further information please contact:
Proteome Sciences plc
www.proteomics.com
Christopher Pearce, Chief Executive Tel: +44 (0)1932 865065
Email: christopher.pearce@proteomics.com
Public Relations for Proteome Sciences
IKON Associates
Adrian Shaw Tel: +44 (0)1483 535102
Mobile: +44 (0)797 9900733
Email: adrian@ikonassociates.com
Notes to Editors:
Proteome Sciences plc applies high sensitivity proteomics to identify and characterise differential protein
expression in diseases for diagnostic, prognostic and therapeutic applications. It has to date developed sensitive
blood assays for stroke, vCJD, BSE, solid organ transplant rejection and Alzheimer's disease. The main focus of
its research currently addresses neurological, neurodegenerative, diabetes/obesity, oncology and cardiovascular
conditions.
In addition to its own proprietary biomarkers, Proteome Sciences has developed ProteoShop® (Proteome Sciences High
Output Proteomics), a tool box that offers high sensitivity and high throughput gel and gel-free proprietary
technologies for the identification of potential biomarkers and drug targets. These include specialisation in
membrane proteins and protein phosphorylation.
The Company has developed a range of specialist reagents to improve the performance and quantitation of protein
separation and characterisation with mass spectrometry, bioinformatics, statistics and pattern recognition. These
include Sensitizer®, PST®, qPST® and TMT®.
Commercialisation is being actively pursued across the portfolio of the Company's programmes and
technologies with licensing deals signed in biomarkers for Stroke and TSEs and for ProteoSHOP®.
Proteome Sciences is headquartered in Cobham, Surrey in the UK and has laboratories at King's College Hospital,
London and in Frankfurt. It employs 40 full time scientists, in addition to its corporate and business development
staff. The Company is listed on the Alternative Investment Market.
Chairman's Statement :
Dear Shareholders,
I am pleased to set out below the full text of the Company's half yearly statement which was
released to the Stock Exchange on 30th September, 2005. The main events of the period can be
summarised as follows :
Biomarkers
The goal of Proteome Sciences is to apply its proteomics toolbox to human diseases and to discover
and validate new protein markers and targets. The global awareness of the importance and value of
readily accessible and highly validated biomarkers has risen dramatically in the last 12 months
throughout the pharmaceutical and diagnostics industries and this has been reflected by the number
of presentations made to and attended by the pharmaceutical companies.
Proteome Sciences has positioned itself in anticipation of this shift and is strongly placed to
capitalise on its established and future panels of biomarkers for diagnostic and prognostic uses
in major human and veterinary diseases at the same time as leveraging its ProteoSHOP® toolbox for
biomarker discovery both in internal and external programmes.
The major problem facing the pharmaceutical industry is the rapidly escalating cost of drug
discovery and development and the high rates of attrition. Initiatives to reduce the rate of
attrition during later phases are clearly desirable and if successfully implemented, will reduce
development costs. With this objective in mind, a consortium has been put together led by the
European Federation of Pharmaceutical Industries and Associates (EFPIA), of which Proteome
Sciences is a key member in an EU Framework 6 grant application, InnoMed, with a budget of €20
million.
The consortium includes a number of major pharmaceutical companies (amongst them Roche, Merck,
Bayer, Novo Nordisk and Eli Lilly) as well as several academic institutions. Proteome Sciences
will undertake proteomic analysis of tissue from model systems and human clinical samples (brain,
blood and CSF from Alzheimer's (AD) patients and relevant control samples) using our ProteoSHOP®
toolkit. The three year programme has been successfully evaluated by the EU, and subject to final
signature, has a proposed start date of October 1st, 2005. Proteome Sciences is scheduled to
receive direct funding of €1.04 million for its work under the InnoMed project. A number of our
AD biomarkers already discovered will be addressed by the InnoMed consortium and this should in
turn facilitate further ProteoSHOP® biomarker discovery deals.
On 21st September, 2005, the Medical Research Council (MRC) announced £2.5m of new funding to
establish the MRC Centre for Neurodegenerative Research at the Institute of Psychiatry (IoP) at
King's College London to be directed by Professor Brian Anderton. The mission of the Centre is to
further understand the mechanisms involved in neurodegenerative disease and to translate this into
new treatments and diagnostics. Proteome Sciences established a core collaborative programme in
neurodegeneration at the IoP in 2001 and should benefit from this additional funding which will
expand the amount of personnel and equipment for discovery in the neurodegenerative programmes.
The strong ongoing commitment in the area of neurological diseases continues to thrive and further
develop as reflected by collaborations with the University of Geneva on stroke and BSE, with the
Medical Research Council Prion Unit, London on vCJD, with University College London on
Huntington's disease and with the Institute of Psychiatry, Kings College, London on Alzheimer's
disease, depression and BSE. A number of these collaborative projects are now being supported by
grant funding and promising new data and results have emerged during 2005. Other disease areas
which Proteome Sciences is either actively pursuing or for which it has accumulated a portfolio of
intellectual property for commercial exploitation include oncology, solid organ transplant
rejection and diabetes/obesity.
In the Alzheimer's disease biomarker discovery collaboration with Kings College, further
diagnostic patents have been filed following the discovery of new plasma protein markers in
patients suffering from Alzheimer's disease and further biomarker validation is currently
underway. Over 17 biomarkers with high sensitivity and specificity have now been discovered in
blood and will be assembled into diagnostic panels for further evaluation. New preliminary data
was presented at the joint Society of Pharmaceutical Medicine/ABPI Joint Collaboration Meeting
'Value of Biomarkers in Clinical Drug Development' on September 28th 2005. This will be used to
accelerate the licensing process with the major diagnostics companies.
On the therapeutic side, Alzheimer's patents that were filed previously in relation to the
discovery and identification of novel phosphorylation sites and related kinases in tau have been
further strengthened and expanded with additional supporting data. Within both academia and the
pharmaceutical industry there has been a recent and rapid rise in awareness of the pivotal role
tau protein plays in the development and progression of Alzheimer's disease as described by recent
scientific publications from some of the leading academic research groups. This has considerably
increased attention to the kinases involved in the hyper-phosphorylation of tau and these are now
becoming important new targets for therapeutic intervention.
Encouraging results have been obtained in the vCJD research programme with the MRC with patents
filed for plasma protein markers discovered in patients suffering from vCJD and Huntington's
disease, an incurable genetic disease of the human nervous system with an annual global cost of
over $2.5bn. The results for Huntington's are particularly pleasing as some of the plasma
biomarkers appear to show a strong correlation with progression of the disease. Whilst diagnosis
of the mutation causing HD is performed routinely, it is particularly difficult to detect the
early degenerative processes. With a large number of new drug candidates currently in development
for Huntington's, considerable commercial opportunities are available for biomarkers for the early
detection of disease processes and for monitoring their progression both for use in clinical
trials of new agents and to monitor the disease process and severity in patients undergoing
existing treatments.
Since signing the license agreement with Idexx for diagnosis of TSE in animals in 2003, Proteome
Sciences has been severely hampered by the lack of sample availability. This situation was
resolved late in 2004 with the acquisition of a large set of BSE samples running into thousands
and including time course sets. Good progress has been made on running batches of these samples
both to validate and endorse existing biomarkers and to look for new proteins for the detection of
BSE in live cattle from blood. Existing and new biomarkers are being further tested and ELISAs
developed to complete that process. The recent announcement by the UK Government that it will
again allow animals older than 30 months to be used for human foodstuffs if tested for BSE at the
point of slaughter highlights the need for monitoring over their lifespan.
As discussed at the AGM, adequate supplies of high quality disease and control samples are
essential to enable us to discover and commercialise biomarkers. Additional stroke and more
recently stroke mimic samples were sourced during the summer. This has enabled us, in
collaboration with the University of Geneva, to expand and provide robust validation of the data
supporting our biomarkers in stroke and their application in high throughput screening (HTS).
Discussions are actively underway, including the additional data and validation, with a number of
the leading diagnostic companies to be out-licenced on a non-exclusive basis.
As the understanding of the complexities of most diseases and the impact of their heterogeneous
nature on disease diagnosis and treatment is growing it has become evident that the widely
commented "single biomarker paradigm" needs revision.
It seems more likely now that successful future disease diagnostic and prognostic assay systems
will have to rely on a small panel of biomarkers rather than on individual markers. This was the
way that Proteome Sciences had based and developed its strategy over the years, to which it has
developed and added a set of powerful statistical tools that evaluate and predict the diagnostic
utility of various combinations of biomarkers in addition to or in comparison with using the
biomarkers on an individual basis. These panels provide superior sensitivity, specificity and
performance of the biomarkers for diagnostic and prognostic applications.
ProteoSHOP®
Proteome Sciences has made considerable advances in the development and validation of its
proprietary next generation proteomics technologies which promise to accelerate the discovery of
protein biomarkers and targets relevant to major human diseases.
Impressive progress has been made during the last year with the quantitative Protein Sequence Tags
(qPST) which are now being deployed for routine use. The robustness and reproducibility of the
proprietary qPST procedure was demonstrated using a yeast model system grown under different
culture conditions. The results of these studies were presented at several international
scientific meetings and were recently accepted for publication in a peer-reviewed scientific
journal. In a further validation step the qPST procedure was applied to the analysis of human
plasma from Alzheimer's disease patients. With qPST becoming available for routine use Proteome
Sciences has a highly competitive, proprietary technology in its ProteoSHOP® toolbox which is
being actively marketed to the global pharmaceutical industry for use in discovering biomarkers of
efficacy, safety and toxicity in clinical trials, something which is now required by the FDA. With
this, Proteome Sciences is well positioned to secure additional ProteoSHOP® deals to build on the
first alliance announced earlier in the year.
Reagents
As previously reported, the company is developing a Sensitizer family of reagents at its Frankfurt
R&D site which consist of Sensitizer Tags (CombiSMT), quantitative Protein Sequence Tags (qPST)
and Tandem Mass Tags® (TMT®). Each member of the family has its unique application but inherent to
all is a common feature which enables an increase in the number of peptides and proteins that can
be identified and quantified from complex protein mixtures.
The development of the CombiSMT is advancing in line with our expectations and the first proof of
concept studies are very encouraging. Recently a new key feature of these tags has been discovered
by the Proteome Sciences' team and patents have been filed. This has tremendous potential and
could significantly increase the attractiveness of this tag for the targeted and simultaneous
analysis of multiple proteome samples.
Commercialisation
We had previously reported that we anticipated concluding a number of licensing and collaboration
deals during the year and subsequently announced the signing of our first ProteoSHOP® deal and the
Heads of Agreement for the TMT® reagents in April 2005. Whilst it is now apparent that the
process of concluding the TMT licence agreement is taking longer than we had expected, within the
context of biotechnology licensing the timescales involved are not unusual.
We are particularly disappointed by the delays there have been with the party concerned to
conclude the licence agreement and intend to have the situation resolved one way or the other
shortly. We believe that either the licence will be concluded to everyone's satisfaction or, in
the event that the licence negotiations were to be terminated, we remain very confident that the
interest shown by the other prospective licensees shortlisted ahead of the Heads of Agreement
continues to persist and would result in a strong licence agreement for TMT®. In the meantime, we
intend to recommence negotiations immediately with the other relevant parties. There should be no
adverse effect to Proteome Sciences since the market for TMT® tags across a wide range of settings
now appears to be considerably greater than was initially contemplated and an alternative licensee
could be secured expeditely, if necessary.
We remain confident that a TMT® licence agreement will be concluded satisfactorily and that the
delays that have arisen may well enhance the deal value for Proteome Sciences over the levels
originally contemplated.
Tandem Mass Tags® are a completely novel category of mass tags with many different applications,
many of which are still to be fully developed. As a consequence Proteome Sciences has been able
to identify three different and complementary streams of revenue:
i) Principal License - manufacture, sale and use of products in research activities
ii) Sublicensing rights - manufacture, sale and use of products in research activities
iii) Commercial License - manufacture, sale and use of products in clinical applications
Proteome Sciences will enter a single license which combines both a principal license and the
sublicensing rights to third parties for reagents for research purposes but it will retain the
commercial pre-license rights for clinical applications of the TMT® technology itself. This
structure will enhance the value of TMT® to Proteome Sciences.
The outlicensing of our extensive panel of stroke markers has also been a key activity and this is
being enhanced by the increasing amount of supporting data being generated both through our
collaboration with the University of Geneva but also by independent research groups worldwide.
Discussions with many of the major diagnostics companies continue to move ahead positively and our
existing licensee continues to evaluate our markers for inclusion on its future stroke panels for
point of care testing.
Further presentations of our biomarker portfolio have been made to a large number of companies in
the US and Europe over the first half of the year, and these programmes are being actively
reviewed by a broad spectrum of interested parties. Organ transplant rejection, Alzheimer's
disease and oncology are attracting the most interest at this stage.
Further biomarker discovery deals based around the ProteoSHOP® toolbox are also being actively
discussed and we sense a move within the industry towards larger value, longer term relationships
in this area as biomarkers become high profile for drug development.
Veri-Q
Development of the Veri-Q technology has continued and has established strong proof-of-concept
data for analysis of gene expression microarrays showing that the presence of contaminating
protecting groups interferes with the accuracy of the results of these experiments. This is
creating significant interest and Veri-Q has been invited to present its findings in a talk at the
'From Gene Expression Profiling to Validated Biology' conference in October 2005. Demonstrations
of the technology are being made to various companies involved in the large-scale manufacture of
synthetic oligonucleotides and have received favourable review. Commercial discussions with a
number of prospective licensees have been instigated.
In exchange for the cancellation of its loan to the company, Proteome Sciences subscribed for
further common stock in Veri-Q in May, increasing its shareholding to 76 per cent.
Intronn
Considerable progress has been made with Intronn's SMaRT™ technology in 2005. After achieving in-
vivo proof of principle in dyslipidemia earlier than expected in March, Intronn then presented
initial data in June which showed the successful stimulation of the production of the protein
component of good cholesterol (HDL) which confirmed SMaRT™ trans-splicing at the RNA level.
Since that time, the data has been further replicated and has continued to reproduce the same high
levels of improvement in the protein component of HDL. Active discussions are underway with a
number of potential partners to develop and commercialise the dyslipidemia results.
Things have also moved ahead well for the AAT and haemophilia programmes with AAT having recently
successfully completed in-vivo proof of principle with SMaRT™ trans-splicing for the first time.
Further results and data are expected later in the year.
A new application, real-time in-vivo imaging of gene expression by SMaRT™ was presented at a
molecular analysis and imaging meeting in San Diego which demonstrated the feasibility of mRNA
repair, both in-vitro and in-vivo. This approach should eventually allow imaging of endogenous
mRNA in living subjects, potentially imaging the expression of a wide variety of endogenous genes.
This opens up the possibility of applying SMaRT™ in the rapidly growing field of molecular
imaging.
External valuations for the differing applications of SMaRT™ technology will be progressively
established through partnering and funding, where it is intended that significant amounts of
clinical and commercial development, as well as upfront payments and sponsored research
collaborations, will be provided by strategic partners and licensees.
Financial Results
The financial results for the six months to 30th June, 2005 show that costs have remained
carefully controlled and the Headline Loss (being the operating loss excluding non-cash operating
costs and share of associate's losses) of £1,911,083 compares with £1,846,850 in the corresponding
period in 2004. Non-cash operating costs (amortisation of goodwill, depreciation and National
Insurance on notional share option gains, as extracted from the profit and loss account) were
£800,929 against £183,542 in 2004. The period to 30th June, 2005 also contains a share of
associates' losses at Intronn Inc of £362,749 (30th June, 2004 : £229,223). The loss on ordinary
activities after taxation for the six months to 30th June, 2005 was £3,074,761 (30th June, 2004 :
£2,259,615). Cash at 30th June, 2005 stood at £4.9m.
Directors
Following her move back to Switzerland for personal reasons sixteen months ago, I am sorry to
report to shareholders that Dr. Sandra Steiner has decided to resign from her position as Research
and Development Director. She has played a significant role in the integration of the company's
research activities in Frankfurt and at the King's College Laboratory in London, and we are
grateful to her for her contribution and for the further strengthening of Group scientific
disciplines that she has introduced. Discussions are taking place with her to establish a
consultancy agreement during the search for a replacement. Over this process, the scientific
direction of the company will be supervised by the Chief Executive / executive management team and
the two heads of the company's research facilities.
Future Prospects
Our primary consideration for 2005 is to convert our scientific research into commercial revenue.
In reagents, the market for our Tandem Mass Tags® is now looking to be greater than was initially
contemplated and, whilst the license agreement has taken longer than expected, we remain confident
that it will be concluded to everyone's satisfaction. The structure that has evolved now
envisages three different and complimentary streams of revenue. These will enhance the value of
TMT® to Proteome Sciences.
The global awareness of the importance and value of accessible and highly validated biomarkers has
risen dramatically throughout the pharmaceutical and diagnostics industries. Our intellectual
property portfolio continues to expand with the addition of new biomarkers across an ever wider
range of disease applications and in the development of chemical mass tags, constituting an
excellent springboard for current and future commercialisation.
The need for accurate, reliable and early diagnosis of disease, the monitoring of its progress and
of therapeutic treatment remains as strong as ever. Our research strategy continues to be
carefully focussed to address major areas in the stages of disease progression whilst at all times
maintaining consistent and careful control of the cost base.
As noted above, we sense a move towards larger value longer term relationships as biomarkers
become high profile and an essential part of drug development. This will be reflected through
ProteoSHOP® alliances and biomarker agreements, in particular in stroke and Alzheimer's disease
where discussions are actively in process.
We believe that the prospects for proteomics in biomarker discovery look outstanding and that
Proteome Sciences is well positioned to capitalise from the commercial opportunities that are
currently available.
R.S. Harris
Chairman 30th September 2005
Unaudited consolidated profit and loss account
For the Six Months ended 30th June, 2005
Six months ended Six months ended Year ended 31st
30th June 2005 30th June 2004 December 2004
£ £ £
Turnover - continuing operations
16,200 47,342 72,971
Cost of sales (11,340) (35,879) (40,801)
Gross profit 4,860 11,463 32,170
Administrative expenses excluding non-cash items (2,208,442) (2,158,079) (4,655,426)
Amortisation of goodwill (324,480) (324,480) (648,960)
Depreciation (247,647) (288,319) (529,313)
National Insurance on notional share option gains (228,802) 429,257 701,953
Administrative expenses (3,009,371) (2,341,621) (5,131,746)
Operating loss - continuing operations (3,004,511) (2,330,158) (5,099,576)
Share of associate's operating loss (362,749) (229,223) (593,366)
Group operating loss - continuing operations (3,367,260) (2,559,381) (5,692,942)
Interest receivable and similar income 61,075 89,377 151,969
Interest payable and similar charges (456) (1,611) (1,942)
Amounts written off fixed asset investment - - (112,878)
Loss on ordinary activities before taxation (3,306,641) (2,471,615) (5,655,793)
Tax credit on loss on ordinary activities 231,880 212,000 456,592
Loss for the financial period (3,074,761) (2,259,615) (5,199,201)
Headline loss (1,911,083) (1,846,850) (4,016,637)
Loss per share
Basic and diluted loss per share (note 3a) (2.42p) (1.87p) (4.27p)
Headline loss per share (note 3c) (1.50p) (1.53p) (3.30p)
Unaudited consolidated balance sheet
As at 30th June, 2005
30th June 30th June
2005 2004
£ £
Fixed Assets
Intangible assets 5,356,832 6,096,534
Tangible assets 599,558 833,760
Investments in associates 372,340 1,048,611
Other investments 112,878 225,756
6,441,608 8,204,661
Current Assets
Debtors 902,095 1,180,177
Cash held on deposit as short term investment 3,300,000 3,300,000
Cash at bank and in hand 1,642,061 1,007,280
5,844,156 5,487,457
Creditors : Amounts falling due within one year (1,153,981) (1,636,057)
Net current assets 4,690,175 3,851,400
Total assets less current liabilities 11,131,783 12,056,061
Creditors : Amounts falling due after more than one year (123,000) (110,000)
Provisions for liabilities and charges (242,313) (301,625)
Net assets 10,766,470 11,644,436
Capital and reserves
Called-up share capital 1,314,511 1,224,009
Share premium account 29,145,773 24,164,336
Other reserve 10,755,000 10,755,000
Profit and loss account (30,448,814) (24,498,909)
Equity shareholders' funds 10,766,470 11,644,436
Unaudited consolidated cash flow statement
For six months 30th June, 2005
Six Months Six Months
ended ended
30th June 2005 30th June 2004
£ £
Net cash outflow from operating activities (2,442,636) (2,025,849)
Returns on investments and servicing of finance 60,619 87,766
Capital expenditure and financial investment (128,804) (2,015,138)
Cash outflow before use of liquid resources and financing (2,510,821) (3,953,221)
Management of liquid resources (1,500,000) 1,495,161
Financing 5,026,939 2,100,117
Increase / (Decrease) in cash in the period 1,016,118 (357,943)
Reconciliation of operating loss to operating cash flows
2005 2004
£ £
Operating loss (3,004,511) (2,330,158)
Depreciation charges 247,647 288,319
Amortisation charges 324,480 324,480
National Insurance on notional share option gains 228,802 (429,257)
Loss on sale of tangible fixed assets 680 2,816
Decrease in debtors 5,756 194,352
Decrease in creditors (245,490) (76,401)
Net cash outflow from operating activities (2,442,636) (2,025,849)
Notes to the Financial Information
1. There has been no change to any of the accounting policies set out in the 2004 statutory
accounts.
2. Following the loss of £3,074,761 incurred in the period, the Directors do not recommend
the payment of a dividend.
3. a. The calculation of the loss per share for the six months ended 30th June
2005 is based on the loss for the financial period of £3,074,761
and on 126,999,658 Ordinary Shares, being the weighted average number of
shares in issue and ranking for dividend during the period (six months
ended 30th June 2004-loss £2,259,615, number of Ordinary Shares in issue
and ranking for dividend, 120,826,460).
b. The calculation of the loss per share for the year ended 31st December 2004
is based on the loss for the year of £5,199,201 and on 121,648,577 Ordinary
Shares, being the weighted average number of shares in issue and ranking for
dividend during the year.
c. The losses used to calculate the headline loss per share are as follows:
Six Months 2005 Six 2004 Year 2004
Ended 30th Loss per Months Ended Loss Ended 31st Loss per
June, 2005 share 30th June, per December, share
2004 share 2004
£ p £ p £ p
Loss for the Financial Period (3,074,761) (2.42) (2,259,615) (1.87) (5,199,201) (4.27)
Deduct / (Add)
Amortisation of Goodwill 324,480 0.26 324,480 0.27 648,960 0.53
Amounts written off fixed asset - - - - 112,878 0.09
investment
Depreciation 247,647 0.19 288,319 0.24 529,313 0.44
National Insurance on notional 228,802 0.18 (429,257) (0.36) (701,953) (0.58)
share option gains
Share of associate's operating 362,749 0.29 229,223 0.19 593,366 0.49
loss
Headline Loss (1,911,083) (1.50p) (1,846,850) (1.53) (4,016,637) (3.30)
The Headline loss per share is considered by the Directors to be a more meaningful measurement of
financial performance than the basic loss per share as it excludes goodwill amortisation and other
non-cash items and better reflects the cash outflow of the business.
4. The preceding financial information does not constitute statutory accounts as defined in
Section 240 of the Companies Act 1985. The financial information for the year to 31st
December 2004 is based on the statutory accounts for that year. Those accounts, upon
which the auditors issued an unqualified opinion, and which did not contain any statement
under Section 237(2) or (3) of the Companies Act 1985, have been delivered to the
Registrar of Companies.
Proteome Sciences
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