June 18, 2009 / 7:29 AM / 10 years ago

UPDATE 1-Proteome FY08 loss narrows, raises going-concern doubt

* Revenue rises nearly 220 pct

* Material uncertainty shows doubt on going concern

* Board seeks additional loan facility from CEO

* Shares fall as much as 18 pct

(Adds details)

June 18 (Reuters) - British pharmaceuticals and biotechnology company Proteome Sciences Plc (PRM.L) posted a narrower loss for 2008 and raised doubt regarding its ability to continue as a going concern, sending shares down as much as 18 percent.

“As set out in the results section of the Chairman’s statement in this preliminary announcement, a material uncertainty is identified regarding the company’s ability to continue as a going concern,” the company said in a statement.

Proteome said the financial statements do not include the adjustments that would result if the group and company were unable to continue as a going concern.

Pretax loss for 2008 was 4.8 million pounds ($7.87 million) against 5.5 million pounds a year earlier. Revenue rose 220 percent to 849,487 pounds.

Administrative expenses fell 10.3 percent to 4.9 million pounds, said the company, which has research facilities in London and Frankfurt.

The company also said cash inflows had fallen below expectations and the board has sought additional loan facility worth 10 million pounds from Chief Executive C.D.J. Pearce.

Proteome shares were trading down 15.5 percent at 27.25 pence at 0720 GMT, having touched a low of 26.50 pence earlier in the session on the London Stock Exchange. ($1=.6102 Pound) (Reporting by Austin Lobo in Bangalore; Editing by Kavita Chandran)

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