Proteomics International Laboratories (ASX:PIQ) receives reimbursement approval for PromarkerD

• Proteomics International Laboratories (PIQ) receives reimbursement code approval from the American Medical Association for its PromarkerD test
• The approval refers to a new dedicated CPT proprietary laboratory analyses (PLA) code for the diabetic kidney disease predictive test
• The code enables the device to be covered by both Medicare and private health insurers in the US
• The company’s next step is to work with private payers and engage with the Centers for Medicare & Medicaid Services to include the test in their clinical lab fee schedule
• Shares in Proteomics are up 4.74 per cent, trading at 99.5 cents as of 2:11pm AEDT

Proteomics International Laboratories (PIQ) has received approval of a reimbursement code from the American Medical Association for its PromarkerD test.

The approval refers to a new dedicated CPT proprietary laboratory analyses (PLA) code for the predictive test for diabetic kidney disease.

The code is key to reimbursement coverage of the test by both Medicare and private health insurers in the US.

Managing Director Richard Lipscombe said the approval of a distinct CPT PLA code for PromarkerD was “extremely significant” in the commercialisation of the test in the US.

“We’re delighted to announce this important step in the efforts to secure reimbursement for PromarkerD with our partner Sonic Healthcare USA,” Dr Lipscombe said.

“It’s a substantial accomplishment that will minimise barriers to access and could enable millions more Americans with diabetes to have this potentially life-changing test.”

The newly-approved code for PromarkerD has been published and will be effective from April 1.

Moving forward, the company plans to work with private payers and engage with the Centers for Medicare & Medicaid Services to establish payment and include PromarkerD in the clinical lab fee schedule.

Shares in Protemics were up 4.74 per cent, trading at 99.5 cents as of 2:11pm AEDT.