Navigation Links
Protein Sciences Corporation Announces Profitable and Cash Flow Positive Results for 2009 and Management Realignment
Date:2/18/2010

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

RELATED LINKS
http://www.proteinsciences.com

'/>"/>

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:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... June 27, 2016 , ... ... professionals, announced today its affiliation with Tennessee Counseling Association. This new ... network of the Tennessee Counseling Association, adding exclusive benefits and promotional offers. , ...
(Date:6/27/2016)... KS (PRWEB) , ... June 27, 2016 , ... TopConsumerReviews.com ... retailers of Eyeglasses . , Millions of individuals in the United States and ... have become a way to both correct vision and make a fashion statement. Even ...
(Date:6/26/2016)... ... June 26, 2016 , ... Pixel Film Studios Released ... , "Film editors can give their videos a whole new perspective by using the ... CEO of Pixel Film Studios. , ProSlice Levels contains over 30 Different presets ...
(Date:6/26/2016)... ... June 26, 2016 , ... Many ... been diagnosed with endometriosis. These women need a treatment plan to not only ... approach that can help for preservation of fertility and ultimately achieving a pregnancy. ...
(Date:6/25/2016)... ... ... Bruton Memorial Library on June 21 due to a possible lice infestation, as reported by ... lice: the parasite’s ability to live away from a human host, and to infest common ... the event that lice have simply gotten out of control. , As lice are a ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... , June 27, 2016  VMS Rehab Systems, Inc. ... will take whatever measures required to build a strong ... which is currently listed on the OTC Markets-pink current ... Chairman and CEO, "We are seeing an anomaly in ... understand, not only by the Company, but shareholders and ...
(Date:6/24/2016)... Calif. , June 24, 2016  Global ... a biopharmaceutical company developing novel therapeutics for the ... needs, today announced the closing of its previously ... common stock, at the public offering price of ... the offering were offered by GBT. GBT estimates ...
(Date:6/24/2016)... , June 24, 2016 The Academy of ... recommendations that would allow biopharmaceutical companies to ... entities that make formulary and coverage decisions, a move ... of new medicines. The recommendations address restrictions ... appear on the drug label, a prohibition that hinders ...
Breaking Medicine Technology: