Protein Sciences Announces First Half Results Revenues Increase 59% and Company Has Net Profit
MERIDEN, Conn., Aug. 20 /PRNewswire/ -- Protein Sciences Corporation announced today for the first six months of 2002 revenues increased 59% to $2.2 million from $1.4 million in the first half of 2001 and the Company had a net profit of $375,000 compared to a loss of $834,000 in the first half of 2001. GeneXpress(R), license and commission revenue increased 85% to $1.6 million and sales of Research Antigens and expresSF+(R) cells grew 12% to $544,000. During the period, the Company was able to increase working capital by more than $200,000. Daniel Adams, President and CEO, commented, "We are very pleased with these results, which we believe justifies the faith our shareholders showed in us when they approved the recapitalization of the Company at the end of last year." He added, "Our business remains remarkably good especially considering the unhealthy business climate, unfavorable securities markets for biotechnology companies, which is causing cutbacks, and the problems plaguing the large pharmaceutical companies. We are also pleased that our efforts to manage costs continued to bear fruit in the second quarter and resulted in a 10% reduction in process development, production, G&A and total expenses compared to the first quarter. Founded in 1983, Protein Sciences (http://www.proteinsciences.com) is the world leader in developing genes coding for proteins into commercial human and veterinary vaccines, therapeutics and diagnostics using its proprietary baculovirus expression vector system (BEVS) technology that includes its patented expresSF+(R) serum free, high yielding, scalable insect cell line. Customers access PSC's proprietary BEVS technology through its GeneXpress(R) program. This allows them to obtain cGMP human and animal clinical materials more reliably, rapidly and less expensively than through alternative protein expression systems. PSC also has several patented products in development including influenza vaccines (recombinant hemagglutinin and neuraminidase, both of which have completed Phase II clinical trials), erythropoietin and an insect-cell based adjuvant (both of which have completed animal tests). MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X51167864
SOURCE Protein Sciences Corporation
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