Trading Update

RNS Number : 6898C

Proteome Sciences PLC

19 April 2013

 



Proteome Sciences plc

("Proteome Sciences" or the "Company")

Trading Update

19 April, 2013.   As of 13^th March 2013, a ban was introduced in the European Union (EU) on animal testing of ingredients for cosmetics. The ban applies to all new cosmetics and their ingredients sold in the EU, regardless of where in the world testing on animals was carried out. Cosmetics Europe (formerly COLIPA), the European trade association for the cosmetic, toiletry and perfumery industry, is looking to introduce novel in-vitro assays for testing key sensitizers/allergens  as a replacement for animal testing in cosmetics. This will also apply to other products including chemicals, pharmaceuticals, and household products. It means that any product within these categories will have to be tested for the presence of sensitizers.

COLIPA was a partner with Proteome Sciences in a major research initiative Sens-it-iv (www.sens-it-iv.eu), a large EU -funded research project dedicated to develop and optimise in-vitro test strategies that could reduce or replace animal testing for sensitization studies. COLIPA subsequently provided a set of blinded samples exposed to 10 different sensitizers to a broad group of applicants in 2012 for evaluation through a range of different  in-vitro methodologies.  Proteome Sciences used its proteomic biomarker platform for this analysis.

COLIPA has just notified us that our SensiDerm™ multiplex assays have been selected in the first priority set of tests. Funding is available from Cosmetics Europe and the EU for further development, optimisation and standardisation of the priority tests.  Details have yet to be agreed, but in principle this means that funding for the SensiDerm™ assay development costs should be provided to expedite this process. 

With a novel in-vitro TMT®-SRM testing method and with patents filed over 100 skin and 100 respiratory markers each, Proteome Sciences now has the prospect of substantial additional revenue streams from SensiDerm™  for in-vitro applications in industrial testing across the various categories described above with contributions commencing in 2013.

Commenting on this news, Christopher Pearce, CEO of Proteome Sciences plc said:

"We are delighted with this important development that extends the utility of our proprietary proteomic biomarker technology into the cosmetics and household products industries. 

"We look forward to working with Cosmetics Europe to develop our SensiDerm™  multiplex tests commercially that are rapid, easy to use and highly sensitive that will provide the means for companies to meet the EU requirement for non-animal testing for sensitizers in their products and in particular dermatological and respiratory allergens." 

By way of update, the largest services contract negotiated by the company to date and disclosed to shareholders at the end of January is on track to close in the next few weeks.

Following the previous announcement in January, the Company confirms that it has entered into a loan agreement with C.D.J Pearce, the Chief Executive Officer, of the Company under which C.D.J Pearce will provide the Company with an additional loan facility of up to £1 million ("New Loan").   The New Loan will be made to the Company's subsidiary, Electrophoretics Ltd. The repayment of the New Loan (together with interest at the rate of 2.5% above the base rate of Barclays Bank plc) will be guaranteed by the Company.  The security for the New Loan will be the same as for the existing facility.

The New Loan is classified as a related party transaction in accordance with the AIM Rules.  Accordingly, the independent directors, having consulted with the Company's nominated adviser consider the terms of the New Loan to be fair and reasonable insofar as the Company's shareholders are concerned.

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For further information please contact:

Proteome Sciences plc
Christopher Pearce, Chief Executive Officer	Tel: [phone]
Dr. Ian Pike, Chief Operating Officer James Malthouse, Finance Director
Nominated Adviser
Cenkos
Stephen Keys/Camilla Hume	Tel: [phone]
Public Relations
FTI Consulting	IKON Associates
Ben Atwell / Simon Conway / Mo Noonan	Adrian Shaw
Tel: [phone]	Tel: [phone]

Notes to Editors:

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

 

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