Proteomics $2.2M R&D rebate to fuel diagnostics test rollout
Medical diagnostics pioneer Proteomics International Laboratories has lined its pockets with another $2.2 million in cash through Australia’s research and development (R&D) rebate scheme.
The company’s technology is at the forefront of proteomics (protein-based precision medicine), transforming routine pathology into biomarker discovery that can predict and guide patient outcomes long before irreversible health damage occurs.
The latest government cash injection has been allocated to support the next phase of the rollout of the company’s “Promarker” diagnostic platform for diabetic kidney disease, endometriosis and esophageal cancer.
Proteomics International Laboratories received an R&D deduction of $2.16 million for expenses incurred in the previous fiscal year related to the investigation of proteins as a marker for diagnostic testing.
The sizeable discount stems directly from Proteomics’ significant R&D spend, with the company paying an impressive $5.15 million last fiscal year.
The federal program provides a 43.5 per cent cash rebate for eligible research, a mechanism designed to keep Australia’s world-class, high-value innovation onshore.
Proteomics says its dual-track diagnostics revenue model through its recently commercialized Promarker protein-based technology and stable revenue from advanced analytical services enable it to increase the lead in diagnostic research.
The company says the new capital will be plowed back into both research and commercial scaling of its core trio of blood tests entering revenue-generating phases, as well as deeper development pipeline.
The company’s stable early detection test can predict diseases years before symptoms appear. It can identify diabetic kidney disease years before it becomes a problem and provide a non-invasive reading test for endometriosis and flag esophageal adenocarcinoma in the early treatable stages. It also monitors muscle recovery in elite athletes.
The Promarker pipeline also develops diagnostic tools for asthma, airway narrowing conditions and complications of early diabetes.
