Proteomics shares up more than 200%

Shares in Nedlands-based Proteomics International Laboratories skyrocketed on news it had produced and validated a predictive test for the diagnosis of diabetic kidney disease.

The Richard Lipscombe-led life sciences company’s PromarkerD test measures specific biomarkers in the blood of patients with diabetes to determine the likelihood of those patients contracting diabetic kidney disease.

Proteomics said the commercial benefits in successfully commercialising the test were enormous.

“The ability to accurately predict the onset of DKD via a simple blood test and then provide appropriate clinical treatment to prevent the onset of the disease has the potential to save health care systems globally billions of dollars,” the company said.

The news sent Proteomics’ share price up 246 per cent to 71 cents each at the close of trade.

“The company has developed a deeper understanding of DKD beyond classical pathology by comparing the differences in the protein make-up of people with and without the disease,” it said.

Proteomics is attending a biotechnology conference in Philadelphia next week to discuss its results with major pharmaceutical companies.

“Proteomics will also continue to engage with global industry players for partnering and licensing opportunities to commercialise PromarkerD as a ground-breaking predictive test for the diagnosis of DKD,” the company said.

In February, Proteomics received an initial $1.1 million funding injection for the project from Chinese drug development business New Summit Biopharma Co.

The agreement is to commercialise the test, which Proteomics estimated could be worth up to $312 million per annum, based on World Health Organisation figures on the number of Chinese with diabetes at risk of kidney disease (120 million) and a 10 per cent annual uptake of the test.

Proteomics operates out of the Harry Perkins Institute of Medical Research in Nedlands.