ASX-listed Proteomics International Laboratories has locked away a healthy $6m in cash via a heavily oversubscribed placement to UK and local institutions and other sophisticated investors, to progress marketing and development of its ‘PromarkerD’ predictive kidney disease test.
Perth-based Euroz-Hartleys Securities Ltd acted as sole lead manager and book builder for the placement to new and existing investors and Candour Advisory acted as Proteomics’ corporate adviser to the placement.
Whilst the placement has immediately strengthened the company’s balance sheet, Proteomics said it will use the fresh funds to pick up the pace of development and commercialisation of its trademarked Promarker pipeline.
Proteomics International managing director, Dr Richard Lipscombe said:
“We are delighted with the enormous level of support received both from new and existing investors, including UK and Australian institutions. Following the recent achievements for PromarkerD, these funds will drive the delivery of the test into major global markets. I take this opportunity to thank existing shareholders for their continued support and to welcome new investors to the Proteomics International register.”
The company will be stepping up the marketing of its PromarkerD predictive kidney test and will now accelerate the international regulatory approvals process for PromarkerD.
Another high priority will be the manufacture and up-scaling of reagent inventory for the PromarkerD predictive test.
The company’s patented PromarkerD test system uses a simple blood test to detect a unique ‘fingerprint’ of the early onset of Chronic Kidney Disease in patients with type-2 diabetes. Chronic Kidney Disease is one of the major complications arising from diabetes and if left unchecked can lead to dialysis or kidney transplant.
The findings of a recent international multi-centre clinical study indicated that patients identified by PromarkerD were 13.5 times more likely to develop CKD during a 4-year period.
With a mountain of clinical evidence to support PromarkerD’s ability to predict kidney disease years in advance, Proteomics is chasing the US Food and Drug Administration now for its all important tick of approval which will allow Proteomics access to the US$50 billion US market
Proteomics also jumped into Europe recently, entering into an agreement with Medical Horizons, an Italian group, who is planning to distribute the easy-to-use, immunoassay version of Proteomics’ PromarkerD predictive test throughout Italy.
Interestingly Proteomics says that 425 million adults are currently living with diabetes world-wide which represents a sizeable initial market.
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By Matt Birney
