LONDON - Proteome Sciences plc, a contract proteomics service provider, has announced a new loan agreement totaling £1 million with Vulpes Investment Management Private Limited and Christopher Pearce, aimed at expanding its operational capacity. The company, which specializes in drug discovery, development, and biomarker identification, intends to use the funds to acquire a new Exploris mass spectrometer and provide additional working capital.
The loan facility, which is available as a revolving credit for two years, comes at a time when Proteome Sciences has reported a considerable increase in customer orders and services in the second half of the year. This growth is expected to positively impact the company's revenue and returns in the future.
Despite facing a challenging biotech market earlier in the year, as detailed in the Interim Results on September 13, 2024, Proteome Sciences has experienced a strong increase in orders for its TMTpro 35plex tags launched in June and its services business. The company anticipates this momentum to continue into the 2025 and 2026 pipeline, with the Board expressing optimism for the proteomics business's ability to deliver substantial increases in revenue.
The loan from Vulpes is unsecured and carries an interest rate of 10.0% per annum, while the loan from Christopher Pearce is secured against certain company assets and IP, with an interest rate of 2.5% above the Barclays (LON:BARC) Bank plc interest rate. Both loans are repayable on the second anniversary of the facility, with the company holding the option to repay in multiples of £100,000 with five working days' notice.
In conjunction with the loan facility, Proteome Sciences has also announced directorate changes. Dr. Mariola Soehngen will depart at the end of January 2025, with Chairman Christopher Pearce assuming the role of Executive Chairman until a new CEO is appointed. Additionally, Chief Finance Officer Abdel Omari will resign as a director on January 31, 2025, to pursue other opportunities but will continue to advise the Board as a part-time financial consultant.
The independent directors, after consultation with the company's nominated adviser Allenby Capital, have deemed the terms of the loan facility to be fair and reasonable insofar as shareholders are concerned. This announcement is based on a press release statement and aims to provide shareholders with key information regarding the company's financial and leadership changes.
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