ASX-listed medical technology company, Proteomics International Laboratories’ coffers have been further boosted by a $1.1 million research and development, or “R&D” tax rebate following a recent successful capital raise of $6 million. The Perth-based company, known for its predictive diagnostic tests, now has approximately $8.5 million in cash reserves including the funds from the share placement and the rebate of $1.13 million from the Australian Taxation Office.
The Federal Government’s R&D tax incentive rebate scheme is designed to encourage companies to carry out research that could potentially benefit Australia by providing a tax offset of 43.5 per cent for eligible R&D work and expenditure. Companies who qualify for the 43.5 per cent offset are also required to have an aggregated turnover of less than $20 million per annum.
Proteomics received the ATO refund payment after sinking $2.62 million into R&D in the 2019-20 financial year.
At the same time as focusing on progressing towards commercialisation of its PromarkerD test for diabetic kidney disease, Proteomics says it is continuing to invest in a novel protein marker or biomarker identification program centred on its proprietary Promarker technology platform and developing new fee-for-service analytical methods.
Last month the company signed a two-year distribution licensing agreement for the easy-to-use, high-volume immunoassay version of PromarkerD with Italian group Medical Horizons that will see it made available in Italy, where one in 12 adults has diabetes.
PromarkerD is a predictive blood test for the early detection of chronic kidney disease in patients who have type 2 diabetes. Chronic kidney disease is one of the major complications arising from diabetes and if unchecked can lead to dialysis or kidney transplant.
Immunoassays are cost-effective and accurate tests that are standard to clinical diagnostics laboratories around the world. The testing format allows hundreds of blood samples to be analysed quickly as part of a panel of routine blood tests.
Currently one in three people suffering diabetes develop chronic kidney disease and according to Proteomics, PromarkerD is the only test available in the European Union for predicting the onset of the condition.
The company says it looks to counteract the cash burn rate from R&D and product development through the provision of specialist analytical services while using its proprietary Promarker technology platform to create a pipeline of novel diagnostic tests.
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