Annual Report and Accounts 2015 (PDF)
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Adding precision to medicine Annual report and accounts 2015 Overview and strategic report Proteome Sciences in brief Proteome Sciences in brief Proteome Sciences is a leading protein biomarker company specialising Mission and vision Our strategy in proteomics and peptidomics services and applications, and best-in-class Proteomics explained mass spectrometry protein analysis capability. (inside front cover) We have developed a broad portfolio of novel, high value protein biomarker 01 Adding precision to medicine content addressing numerous disease areas where there is unmet need, The future of healthcare is undoubtedly precision medicine or where the ranges of existing diagnostic or therapeutics available have severe 02 Mapping the future of healthcare limitations. These include neurodegenerative diseases, stroke and cancer with precision and where biomarker product candidates have the potential to transform disease 04 Chairman’s Message management and treatment. 05 Key performance indicators 06 Proteome Sciences at a glance Through our novel biomarker discovery both internally and with collaborative 08 Adding precision to medicine partners, our goal is to improve the quality of life for patients with debilitating The precision measures and life-threatening diseases. for better understanding 10 Faster, more efficient and with precision accuracy Mission and vision 12 Our business model Proteome Sciences is a life sciences company delivering content for precision 13 Our measures for success medicine through its services, biomarkers and reagents. We have a strong 14 Strategic Report track record in discovery and innovation supported by intellectual property. Governance and financial statements We use high sensitivity proprietary technologies to detect biomarkers 22 Senior Management Team (differentially expressed proteins from body fluids or tissue in diseases) and to and Board of Directors make rapid assays for testing. These are developed and commercialised as 24 Directors’ Report 28 Independent Auditor’s Report diagnostic, monitoring or therapeutic products through strategic alliances and 29 Consolidated Income Statement out-licensing. 30 Consolidated Statement of Comprehensive Income 31 Consolidated Balance Sheet Our strategy 32 Company Balance Sheet Our strategy is to discover, develop and implement measurably better 33 Consolidated Statement of Changes biomarker tools for a range of major human diseases and to provide rapid cost in Equity effective outsourcing service and assays which enable our partners to deliver 34 Company Statement of Changes in equity more effective healthcare. 35 Consolidated and Company Cash Flow Statements Proteomics explained 36 Notes to the Consolidated Proteomics is the scientific discipline which studies proteins and searches Financial Statements for proteins that are associated with a disease by means of their altered Other matters levels of expression and/or post-translational modification between control 61 Advisers and disease states. It enables correlations to be drawn between the range 62 Notice of meeting of proteins produced by a cell or tissue and the initiation or progression 63 Form of proxy of a disease state and the effect of therapy. The abundance of information and detailed analysis of the proteome permits the discovery of new protein markers for diagnostic purposes and of novel molecular targets for drug discovery. Proteomics play a major role in biomedical research and the development of future generations of diagnostic and therapeutic products. ADDING PRECISION TO MEDICINE The future of healthcare is undoubtedly precision medicine The world is changing, our populations becoming older, and the pressure on social care is creating urgent need to find new ways to reduce both the financial and personal costs from indications such as Alzheimers and cancer. See market facts on dementia and cancer page 02 Our breakthrough science and trusted proprietary technologies for protein biomarker discovery, validation and assay development adds valuable insights in how to prevent and better treat disease. Learn more about our precision medicine capabilities page 06 We are opening up possibilities for both patient care by providing better diagnosis and earlier intervention for some of the most debilitating and life threatening conditions before they get to the terminal stage, and also making a valuable contribution to clinical development by delivering a faster and lower cost way of progressing new drugs to market. Understand how our science can be applied page 08 Proteome Sciences plc Annual report and accounts 2015 01 Mapping the future of healthcare with precision Proteomics plays a major role in biomedical 138 approvals research and the development of next generation Total number of FDA approved diagnostic and therapeutic products that underpin drugs with biomarker information provided on their precision medicine. drug label in 2015 While cancer, stroke, brain damage and Source: U.S. FDA Alzheimer’s remain a major challenge, improving their diagnosis and speed the testing of drugs to treat them cannot come soon enough. We’re determined to address these needs. Our pioneering science has already made us global leaders in applied proteomics. Our established proprietary technologies for protein biomarker discovery, validation and assay development are opening new worlds for the biotech and pharmaceutical industries. But most important of all, while we constantly 6.2m lives lost innovate for the future, our pathfinding approach in one year offers new hope today, to millions of people. An estimated 17.3 million people died from cardio vascular disease in 2012, representing 30% of all global deaths. Of these 20% deaths, an estimated 1 in 5 FDA approvals in 2014 6.2 million were due were for targeted therapies to stroke Source: U.S. FDA Source: World Health Organisation 12 deaths a day Liver cancer mortality rates have increased more than three-fold in males and more than four-fold in females since the mid-1970s in the UK Source: Cancer Research UK 1 in 8 women in the United States 1 in 8 US women (around 12%) will develop invasive breast cancer over the course of their lifetime Source: Breastcancer.org Proteome Sciences plc Annual report and accounts 2015 02 7th deadliest cancer Early stages of pancreatic cancer do not usually produce symptoms, so the disease is generally advanced when it is diagnosed. This cancer is almost always fatal, and is the seventh most common cause of death from cancer Source: WCRF International 47.5m people suffering The number of people living with dementia worldwide is currently estimated at 47.5 million and is projected to increase to 75.6 million by 2030. The number of cases of dementia are estimated to more than triple by 2050 Source: World Dementia Council Proteome Sciences plc Annual report and accounts 2015 03 CHAIrmaN’S Message Personalised medicine is making a massive leap forward We have benefitted from a good performance in all aspects TMT® gains momentum of the business in 2015, in particular biomarker services The introduction of TMT® 10-plex added further momentum to where there has been strong customer adoption of SysQuant® TMT®’s dominant position in isobaric mass tagging and raised and TMTcalibrator™ with the focus on Precision Medicine. the profile and usage of TMT® tags for a growing number of Considerable scientific progress has been made over the applications. Development of a new range of tags with higher period, particularly in Alzheimer’s disease (AD) across plexing rates is in process and that should provide further a number of different areas and these have formed the backcloth impetus to future sales. to the prominent releases and presentations that we have High levels of interest for our biomarker services from pharmaceutical made at major AD meetings in the USA and Europe. customers, particularly for SysQuant® and TMTcalibrator™, continued The main themes have centred around our most recent biological throughout the period and was reflected by the strong increase data on CK1d inhibitors in tau and blood and CSF biomarkers in services revenue. That trend is ongoing and provides a healthy as neuro-inflammatory markers for measuring AD severity and background for revenue growth and prospects in 2016. progression. These discoveries have extended our IP in AD most notably in the tau pathway and provide additional support to Strong order book, repeat business and growing pipeline licensing discussions, at the same time allowing us to maximise The current year started well with a strong order book, increasing cross-marketing of SysQuant® and TMTcalibrator™ services. amounts of repeat business and a growing pipeline in biomarker services. With the level of SysQuant® /TMTcalibrator™ production Strong demand for SysQuant® and TMTcalibrator™ doubled following the installation of the additional Fusion mass Substantial customer interest for our SysQuant® and spectrometer, the increased capacity is being fully utilised at a TMTcalibrator™ services necessitated a second Fusion mass time when the volume of customer enquiries is rising on a monthly spectrometer in the summer to satisfy the demand and to basis. Current indications point to a strong performance in 2016. significantly increase the scale of the biomarker services division to address the growing capacity requirements for orders from the Licensing and milestone payments USA and Europe. This came on stream and was at full capacity The CE marked stroke test is on track for launch by Randox in