- Proteomics International (PIQ) is awarded over $400,000 in funding to manufacture its predictive diagnostic test for diabetic kidney disease
- The company receives the funds from MTPConnect to develop its PromarkerD clinical diagnostic test in Australia.
- The funding comes as part of the Australian Government’s $45 million BioMedTech Horizons program
- Proteomics says it will spend the funds over a 12 month period, during which time it will match the funds dollar-for-dollar, plus additional in-kind contributions
- Proteomics International last traded at $1.05 on May 11
Proteomics International (PIQ) has been awarded over $400,000 in funding to manufacture its predictive diagnostic test for diabetic kidney disease.
The company received $413,516 in funding from MTPConnect to develop its PromarkerD clinical diagnostic test in Australia.
The funding comes as part of the Australian Government’s $45 million BioMedTech Horizons program — an initiative of the Medical Research Future Fund. The program aims to support innovative health technologies and drive discoveries towards proof-of-concept and commercialisation in the country.
PromarkerD is a prognostic test that can predict future kidney function decline in patients with type two diabetes — the first of its kind in the world.
PromarkerD uses a simple blood test to detect a ‘fingerprint’ of the early onset of the disease. In clinical studies, the test has been proven to correctly predict the disease in up to 86 per cent of otherwise healthy diabetics who then went on to develop diabetic kidney disease within four years.
By being able to manufacture PromarkerD locally, Proteomics said it hoped to strengthen and diversify its supply chains and launch future tests.
The funding is due to be spent over a 12 month period. During this time, Proteomics said it would match the funds dollar-for-dollar, plus additional in-kind contributions.
Proteomics International last traded at $1.05 on May 11.