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Protein Sciences announces first half results revenues increase 59%.(Brief Article)

Vaccine Weekly

| September 18, 2002 | COPYRIGHT 2002 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

2002 SEP 18 - (NewsRx.com & NewsRx.net) -- Protein Sciences Corp. announced for the first 6 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 with a loss of $834,000 in the first half of 2001.

GeneXpress license and commission revenue increased 85% to $1.6 million and sales of Research Antigens and expresSF+ 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 ...

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