Predictive diagnostics medical company Proteomics International Laboratories (ASX: PIQ), has engaged Growth Medics B.V., to assist with the identification and selection of EU alliance partners for its PromarkerD predictive test for diabetic kidney disease.
The medical advice sales agency will assist in the identification, recruitment and management of new partners and customers in Europe.
Proteomics described Growth Medics as an international medical device sales accelerator with a proven track record in assisting medical device and diagnostic companies achieve market penetration with the digital marketing experience required for Proteomics International’s global go-to-market strategy.
Growth Medics will also provide business development, marketing and administrative support for Proteomics International and PromarkerD from their office in the Netherlands. Their role will extend to attending trade shows on behalf of Proteomics International, customer service and training. Growth Medics will initially target new licensing and sales opportunities in the Netherlands, Belgium, Italy and Spain.
Diabetes is a ‘silent pandemic’ and one of the major health challenges of our generation. Diabetic kidney disease (DKD) is a serious complication arising from diabetes which can lead to other health issues such as high blood pressure, heart disease, and ultimately kidney failure. There are 61 million people in Europe living with diabetes.
The total expenditure in the European region on the advanced treatment of diabetes and its complications was EUR176 billion (19.6% of global expenditure) in 2021.
Proteomics International Managing Director Dr Richard Lipscombe said, “We believe Growth Medics is an ideal partner to drive the commercialisation of PromarkerD through Europe due to their extensive market knowledge, proven track record, regulatory expertise, and strong relationships with key stakeholders. Their multilingual and multicultural capabilities ensure targeted sales and marketing strategies. This is a material development in our expansion strategy for PromarkerD across the diverse European market.
Growth Medics are engaged on market standard fee-for-service terms, including commission for achieving successful revenue generating partnerships for Proteomics International to sell the PromarkerD test. Under the agreement Proteomics International will not appoint any similar sales agency for the Netherlands, Belgium, Italy and Spain. The engagement is for two years and is extendable for additional periods of three months by mutual agreement. Both parties have the right to terminate the engagement with six weeks’ notice upon the breach of any material terms of the engagement.
Growth Medics’ Managing Director Emre Aykac said, ”With our expertise in the IVD [in vitro diagnostics] industry, we are excited to embark on this journey with Proteomics International to develop selected markets for PromarkerD in Europe and make this innovative solution accessible to patients. By predicting DKD up to four years in advance, our alliance aims to implement preventative measures that can save lives and improve the quality of care for patients across Europe.
PIQ was trading nearly 5% down at 82.5 cents per share.