LONDON (ShareCast) - (ShareCast News) - London-based protein biomarker firm Proteome received Good Clinical Laboratory Practice (GCLP) accreditation on Wednesday, enabling the firm to effectively compete for clinical stage contracts that commanded larger budgets, with the benefits of those expected to show in early 2018.
Over its last financial year, Proteome implemented a thorough review of its operations, focusing on securing commercial success for its proteomic services, with the subsequent changes resulting in a fundamentally altered approach to its customer's needs and an improved pipeline, both in terms of projects and the spread of potential clients.

Proteome said the group had continued to make solid progress but noted that slower than anticipated adoption of its proteomic services and a lack of success in converting general client interest into firm project commitments had held it back.

While significant revenue growth and a reduced loss was still expected, the company predicted revenue growth would come in at less than what it had originally hoped for throughout the year.

Jeremy Haigh, chief executive officer of Proteome, said "While we would have liked greater progress to date, revenues continue to grow well and we are witnessing a material increase in enquiry and engagement levels during the second half, particularly from the US. We remain confident that this can be reliably converted into service-based revenues in the near to medium term and are pleased that increasing demand for our TMT reagents continues to underpin our overall revenue growth and prospects."

As of 1230 BST, shares had lost 3.38% to 3.14p.

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