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Proteome Sciences reports progress against Alzheimer's target - UPDATE


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Biomarker specialist Proteome Sciences (LON:PRM) said today compounds indentified for use against Alzheimer’s disease had been tested in cells and had shown strong activity.

Proteome added it believes the results will considerably increase the value of the CK1δ programme. CK1δ is the candidate drug target for the Alzheimer's disease compounds.

The firm will now further refine the new compounds and to move to an 'in-vivo' model system to complete lead optimisation in mid 2012.

A study of 1,000 Alzheimer’s patients being conducted in association with King's College London is in its final phases but has taken longer than expected with completion now expected in the first quarter of 2012.

Christopher Pearce, chief executive, said: “With the rapid growth projected in the number of assays and services available in 2012, our biomarker activities look most encouraging and we expect to see this represented by further licenses, contracts and revenues which will provide a better reflection of the considerable value established in and around our proprietary IP.”

Elsewhere, Proteome said heads of terms for a licence for stroke biomarkers are to be signed shortly with the licence due for completion in the first quarter of 2012.

At the recent Sens-it-iv Congress in Brussels that marked the end of the EU FP6 grant, Proteome said it demonstrated significant progress towards the goal of replacing animal testing for key allergens coming into contact with the skin or the respiratory system and had submitted further grant applications to the EU.

Broker Singer Capital Markets welcomed the news, which it said indicated positive progress ahead of Christmas.

“Investors can be reassured that the company’s advances in Alzheimer’s disease are continuing to move forward.

Importantly, they carry the prospect of a potential partnership within the next twelve months,” said Singer analyst Shawn Manning.

The analyst currently values the biotech firm at 33 pence per share on a sum-of-the-parts basis, expecting the share price increase as further positive news flow comes from the company. The target represents a significant premium to yesterday’s close of 28 pence.

Manning expects this news flow to include additional major collaborative deals with upfront signature fees and milestones in the short-term.

Shares in Proteome surged 4.5 percent to trade at 29.25 on today’s news, valuing the company at £56.2 million.

Quick facts: Proteome Sciences PLC

Price: 3.85 GBX

Market: AIM
Market Cap: £11.36 m

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