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Directors Dealing: Proteome Sciences

Proteome Sciences  (LON: Prem)  4.72p  Mkt Cap £14m

The Company has received notification from Richard Dennis, Chief Commercial Officer, that on 12 April and 13 April 2021 he purchased, in aggregate, 625,000 Ordinary Shares in the Company at an average price of 5.22p per share. Richard Dennis now holds 625,000 Ordinary Shares in the Company, which represents approximately 0.21% of the issued share capital of the Company.

Rchard Dennis joined the group in April 2017. He has a commercial background spanning over 30 years in the global life sciences research sector. Throughout his career he has held positions based in both UK and US managing international sales teams. In 1991, he joined Oxford Glycosciences, a VC backed company based in Abingdon UK and was responsible for commercializing their novel glycoprotein detection systems globally. In 1996, he moved to NASDAQ listed Molecular Devices as the European and Middle East as Director of Sales, selling their range of both microplate readers and automated protein based drug discovery platforms largely to the pharma sector. He was the first EU based employee of Meso Scale Discovery (MSD) and set up and managed their direct selling organization in Europe and Asia/Pacific from 2001; MSD introduced a novel ELISA based technology into the sector.  Before joining Proteome Sciences he had a similar role for four years at Quanterix Corporation, a Boston based company commercializing high sensitivity protein detection platforms


Proteome (AIM:  PRM) reported finals to December 2020 on April 1st which were in line with expectations showing revenue increased marginally to £4.75m but with a 93% increase in PBT to £0.29m. Covid impacted on its marketing by restricting site visits and attending trade shows while most of its major pharma clients also suffered from lock down restrictions. The cash reserves improved to £2.2m sufficient to support current growth plans. PRM supply niche services which have the potential to grow substantially as proteomics plays an increasingly vital role in drug discovery, development and in the response to current and future medical challenges. The new CEO is in the process of evaluating the full potential of collaborations in the market as well as adding new products and services. The shares seem worth buying.

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