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
SOURCE Protein Sciences Corporation