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Proteome unveils largest contract to date; shares drop

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Shares in biotech company Proteome Sciences (LON:PRM) dropped more than 5% on Wednesday despite announcing a $2.1million contract - its largest to date.

The firm unveiled a technology agreement with Thermo Fisher Scientific, valued at $2.1million by Proteome Sciences,  aimed at profiling cancer pathways.

Proteome will provide patients and receive cash while Thermo Fisher will provide a no-cost lease for equipment for the firm to develop the pathway assays.

Dr Ian Pike, chief operating officer at Proteome, said: "We are at a critical juncture toward the development of personalised medicine which requires high-resolution maps of the protein networks regulating disease.

"The combination of the highest sample multiplexing rates from TMT with the industry-leading Thermo Scientific Orbitrap mass spectrometer enables us to provide an unrivalled platform to investigate subtle but significant changes in the proteome.

Shares dropped  5.54% to 64p.


Quick facts: Proteome Sciences PLC

Price: 3.25 GBX

AIM:PRM
Market: AIM
Market Cap: £9.59 m
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