Navigation Links
Protein Sciences Corporation Announces Profitable and Cash Flow Positive Results for 2009 and Management Realignment

MERIDEN, Conn., Feb. 18 /PRNewswire/ -- Protein Sciences Corporation (PSC) announced today that its Board of Directors adopted a succession plan under which Dr. Manon Cox, MBA, currently the Company's Chief Operating Officer, has been elected President and Chief Executive Officer effective March 1, 2010.  Daniel Adams, currently Chairman, President and CEO will then assume the role of Executive Chairman.  

PSC also announced that 2009 was a solidly profitable and cash flow positive year as a result of its contract with BARDA and robust revenues from its GeneXpress® and research antigens businesses.  Revenues (unaudited) grew from $7.6 million to $17.3 million, an increase of 129%, resulting in a pre-tax profit of $3.4 million, a positive cash flow of $1.8 million year end cash and receivables of approximately $3.7 million.  

Daniel Adams, Executive Chairman elect, said, "I could not think of a more capable successor as CEO.  We have been discussing a succession plan for months and everyone concluded that Manon was the right choice to lead the Company at this juncture.  She has done an outstanding job as Chief Operating Officer where she instilled persistence and a growing culture of excellence in the Company and at the same time becoming respected internationally for her expertise in vaccines and influenza."  He added, "I will remain fully active in the Company, focusing primarily on resolving the remaining litigation instituted by Emergent BioSolutions, Inc., securing additional capital through financing and/or strategic partnerships and planning for the future."

Manon Cox, President and CEO elect, said "I am honored that the Board of Directors has chosen me  to succeed Dan Adams who has led this Company with vision to its current position as a profitable, cash flow positive company with a late stage product, FluBlok, our lead recombinant influenza vaccine, that we believe will receive FDA approval later this year."  She added, "PSC is a strong company with a great platform technology for producing modern vaccines such as FluBlok.  FluBlok approval will, we believe, result in our platform technology being used to develop and manufacture whole families of modern recombinant vaccines. Our recent progress to profitability has generated a flood of high level people who want to join our team and can accelerate our growth.  I look forward to bringing them on board."  

About PSC

PSC is a privately held biopharmaceutical company based in Meriden, Connecticut, whose mission it is to save lives and improve health by effectively responding to our changing world with innovative vaccines and biopharmaceuticals.  PSC uses recombinant DNA technology to make novel human and veterinary prophylactic and therapeutic vaccines and diagnostics.  The active ingredients in all of the firm's products are recombinant proteins that are manufactured using its patented protein expression technology based upon baculovirus and insect cell technology.

PSC's lead product is FluBlok, a seasonal recombinant trivalent influenza vaccine consisting of influenza hemagglutin (HA) proteins.  FluBlok is manufactured without the use of eggs, is highly purified and therefore does not require the use of thimerosal or antibiotics, and is low in endotoxins. PSC filed a Biologics License Application for FluBlok with the FDA in April 2008 that was accepted in June 2008 and received "Fast Track" designation in July 2008.  PSC anticipates that FluBlok will receive FDA approval later this year.  PSC was recently awarded a $34.5 million contract from the Biomedical Advanced Research and Development Authority, a division of the Department of Health and Human Services to further develop a new technology, recombinant technology, for the production of recombinant influenza vaccines for pandemic preparedness. This contract could be extended up to five years at a total cost of approximately $147 million.  

SOURCE Protein Sciences Corporation



SOURCE Protein Sciences Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine news :

1. Draining away brains toxic protein to stop Alzheimers
2. Penn study finds pro-death proteins required to regulate healthy immune function
3. New prion protein discovered by Canadian scientists may offer insight into mad cow disease
4. Emory researchers identify signaling protein for multiple myeloma
5. Human C-reactive protein regulates myeloma tumor cell growth and survival
6. Lowering Blood Protein Wont Help Kidney Patients
7. Blood protein detects lung cancer, even at earliest stage
8. Natural Protein Could Help Spot, Treat Liver Cancer
9. Heat shock proteins are co-opted for cancer
10. How adhesive protein causes malaria
11. Loss of gene leads to protein splicing and buildup of toxic proteins in neurons
Post Your Comments:
(Date:11/25/2015)... ... , ... For the first time, Vitalalert is donating half of its earnings ... partnership between the two groups began in 2014 with Vitalalert pledging a portion of ... was founded in 1954 and is an international Christian-based health organization whose mission is ...
(Date:11/25/2015)... ... 2015 , ... Dental professionals who would like to become more proficient on ... Dr. Mark Iacobelli’s Advanced Implant Mentoring (AIM) CE course. Courses will be held on ... co-founders of Advanced Implant Mentoring (AIM), Dr. Iacobelli and Dr. D’Orazio are proud to ...
(Date:11/25/2015)... , ... November 25, 2015 , ... The McHenry County ... recent successful appellate decision obtained by Attorneys Francisco J. Botto and Alex C. Wimmer. ... Illinois Workers’ Compensation Comm’n, 2015 IL App (2d) 130884WC. , According to court documents, ...
(Date:11/25/2015)... ... November 25, 2015 , ... SCOTTSDALE, ... facial plastic surgeon specializing in both surgical and non-surgical treatments, announced the expansion ... at Hobgood Facial Plastic Surgery. , Highly trained and nationally recognized for ...
(Date:11/25/2015)... ... November 25, 2015 , ... In an ongoing Clinical ... Center (RMC) in Chicago, IL, UV Angel is evaluating the efficacy of its product ... intensive care units (totaling 30 beds) from May 2014 through October 2015 at a ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... 26, 2015 ... ser potential att använda SyMRI för att ... för patienter med multipel skleros (MS) eller ... SyntheticMR AB för att kunna använda SyMRI ... Med SyMRI kan man generera flera konstrastbilder ...
(Date:11/26/2015)... 26, 2015 Research and Markets ( ... "2016 Future Horizons and Growth Strategies in ... Shares, Country Segment Forecasts, Competitive Intelligence, Emerging Opportunities" ... --> --> This new ... Italian therapeutic drug monitoring market, including emerging tests, ...
(Date:11/25/2015)... OAKS, Calif. , Nov. 25, 2015  Amgen ... a Biologics License Application (BLA) with the ... (FDA) for ABP 501, a biosimilar candidate to Humira ... first adalimumab biosimilar application submitted to the FDA and ... pathway. Sean E. Harper , M.D., executive ...
Breaking Medicine Technology: