Proteus International Plc, the computer-aided molecular modelling and drug design company, has posted, for the year to March 31, a before and after tax loss of #6.6m, up from #3.5m last year. However the company is confident that it might soon start generating some revenue, offering some hope to its long-suffering investors. Certain products are now coming to the end of their trials and Kevin Gilmore, executive chairman, expects the company to enter into commercial agreements with pharmaceutical maunfacturers, during the second half of the current financial year – Modest revenues are anticipated to commence during 1994-5, to increase during 1995-6 and to provide a base for substantial expansion in 1996-7. Proteus is, at present, in discussion with five pharmaceutical companies for the commercial arrangements governing the supply of its proprietary adjuvant for novel and existing vaccines, and its arthritis programme has attracted preliminary discussions with three companies in Japan and one in the US. The company at present has 30 product programmes which it claims are proceding on target. The year also saw the establishment of five new joint ventures with American Home Products Corp, Medeva Plc, Cobequid Life Sciences Inc and the Irish Equine Foundation Ltd. Failure to deliver on these high hopes and expectations and Gilmore may have something to learn from the company’s ancient Greek forbear. Proteus, the sea god, used to assume various shapes to evade ever having to make any predictions about the future!
