“Prometheus had another record year in 2008, our 12th consecutive year of sales growth,” said Joseph M. Limber, President And Chief Executive Officer of Prometheus. “In addition, we made significant progress advancing a number of internal development programs, all of which we believe will help to strongly position us for future growth. We continue to pursue additional opportunities through product licensing or acquisition or through strategic mergers or acquisitions. We are also preparing to expand into additional commercially attractive therapeutic areas, including oncology, that are consistent with our unique business model of offering proprietary and complementary pharmaceutical and diagnostic products.”
Financial Highlights
For the five-year period 2004 through 2008, the company’s net sales have grown by a compounded annual growth rate (CAGR) of 32.7%.
During this same five-year period, aggregate net sales of pharmaceutical products grew from $38.9 million to $196.0 million, representing a CAGR of 49.8%
Aggregate net sales of diagnostic testing services grew from $50.7 million in 2004 to $82.1 million in 2008, a CAGR of 12.8%.
As of December 31, 2008, the company had cash and cash equivalents of $96.7 million.
Product Development Highlights
2008 marked the launch of PROMETHEUSÒ IBS Diagnostic, the first blood test for irritable bowel syndrome (IBS). This novel test incorporates ten biomarkers, two of which are proprietary, along with a proprietary algorithm to help physicians clarify or validate other clinical findings. Without a blood-based test to complement a physician’s clinical findings, the diagnosis of IBS is typically made through a process of elimination. The company recently received approval from the New York State Department of Health for PROMETHEUS IBS Diagnostic.
In May 2008, Prometheus began a Phase 2 clinical trial to evaluate COLAL-PREDÒ (prednisolone metasulfobenzoate sodium) for the treatment of patients with ulcerative colitis. COLAL-PRED is a development-stage product based on a drug delivery technology designed to release an anti-inflammatory steroid in the colon to provide the efficacy of steroids while limiting their undesirable systemic side effects.
Prometheus advanced the development of its proprietary oncology diagnostics platform in 2008. The company’s oncology diagnostics will utilize circulating tumor cells (CTCs) isolated from whole blood and/or tissue samples to help guide the use of targeted therapies. Prometheus believes such diagnostics would be more convenient and less invasive than current practices. The company is preparing an application for New York State approval.