Proteome Sciences shares jump on licensing deal

Proteome Sciences' ($PMSNF) shares rose by 14.9 percent when the news of its licensing agreement with Randox Laboratories broke, according to the Financial Times. The deal grants the diagnostics company Randox the rights to develop products based on Proteome Sciences' portfolio of stroke biomarkers, developed through its partnership with the Biomedical Proteomics Research Group at the University of Geneva. The biomarkers have potential to identify patients who would benefit from treatment with thrombolytics within three hours of the stroke's onset, therefore improving patients' outcomes and reducing long-term effects. Proteome Sciences will get license and development milestones of over a million dollars as well as royalties on sales. According to Singer Capital Markets, talking to the FT, the deal will have limited effect on Proteome's sales in the near term, but it would be a step in the right direction after a period of "limited commercial progression." Press release | Article