Proteomics International Laboratories Ltd (ASX:PIQ) Launches PromarkerD and Raises $4.5m
Product Launch: PromarkerD
Proteomics International Laboratories Ltd has launched PromarkerD, a predictive test for diabetic kidney disease (DKD), in Australia on World Kidney Day. The test is initially available through healthcare professionals in Western Australia and the Northern Territory, with a nationwide rollout planned.
Research Validation
The company reported that PromarkerD significantly outperforms conventional tests in identifying DKD risk. Landmark results published in the peer-reviewed journal Diagnostics showed PromarkerD identified 84% of patients with normal kidney function at baseline who later experienced decline, compared to 0% detection by standard care.
Market Expansion: US Reference Laboratory
Proteomics International has opened a CLIA-certified reference laboratory in Irvine, California, enabling the company to offer clinical laboratory services in the United States. The laboratory initially offers the PromarkerD test and plans to expand to other diagnostic tests in the company’s portfolio.
Intellectual Property
OxiDx Pty Ltd, a subsidiary of Proteomics International, was granted a new Australian patent for its OxiDx technology, which measures oxidative stress. This second-generation patent complements existing patents in Europe and Japan, with additional patents pending in the USA, Singapore, India, and China.
Financial Highlights
The company secured firm commitments for a $4.5 million placement from new and existing investors, including Directors and Key Management Personnel. Shareholder approval is pending at an upcoming extraordinary general meeting. This placement will enhance the company’s cash position, supporting the commercialization of its diagnostic tests.
Corporate Appointments
Proteomics International appointed Tim Luscombe as Company Secretary, replacing Karen Logan. Mr Luscombe brings extensive experience from Bio101 Financial Advisory and serves as CFO and Company Secretary for several ASX-listed companies.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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