Proximagen's full-year 2005 income up 51%

UK-based Proximagen Neuroscience, a spin-out from King's College London, says that, in full-year 2005, its turnover increased 51% to L878,000 ($1.5 million) compared with 2004 on the stregth of six new contracts it signed during the year.

The London-based firm noted that gross margin was 54%, compared with 45% for the year to November 2004, "reflecting increased efficiency in laboratory operations where the escalation in activity on our internal programs enabled it to use resources more effectively."

The firm stated that its net assets at the end of the year totaled L13.2 million, an increase of L12.8 million due primarily to the net proceeds of its Inital Public Offering in March 2005, which raised L14.5 million (Marketletter April 4, 2005).