News and Announcements
Proteomics International Quarterly Report June 2016: Cash Flow Strengthened & Cash Burn Reduced
- Published July 28, 2016 11:57AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
28th June 2016, ASX Announcement
Life sciences comp-any Proteomics International Laboratories Ltd (ASX: PIQ) )the Company, PILL), is pleased to provide the following update on its business activities for the three month period to 30 June 2016.
Building on previous announcements PILL has strengthened its cash flow and reduced quarterly burn. Significant progress has been made towards the commercialisation of the Company’s lead diagnostic product, PromarketD, whilst analytical operations continue to expand.
Financial Highlights
Operating cash inflow for the June quarter more than doubled as compared to the previous quarter, whilst expenditure remained at similar levels and in line with budget. The net results was a reduction in cash burn to $204,000. The growth in revenue has led to Analytical Services annual income increasing 33% year on year to $0.81 million.
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