Proteomics International Laboratories has seen its cash receipts from clients increase by 5.8 per cent to $198,000 in the June quarter, as the company eyes its first sales in the United States in December – potentially opening the door to a significant new revenue stream.
Management says the medtech’s cash position should also be strengthened by a forecast research-and-development tax incentive rebate of about $1.8 million, which it expects to land in the first half of next year.
The company says its activities during the new financial year will focus on the commercialisation of its Promarker D predictive test for diabetic kidney disease, the continuing development of its products in the Promarker pipeline and providing specialist accredited analytical services on a commercial basis.
Proteomics has spent most of the past year with a steely-eyed focus on the Star-Spangled Banner and the commercial opportunities that may lie within the lucrative US healthcare sector.
In May, the company secured a key partner for its looming rollout of its PromarkerD predictive test to fight kidney disease after signing an exclusive licence deal with Sonic Healthcare USA. The company says its test could help the estimated 32 million adults in the US who live with diabetes, by identifying their risk of developing kidney disease.
PromarkerD is a prognostic test that can predict future kidney function decline in patients living with type 2 diabetes, but who have no existing diabetic kidney disease. Proteomics says clinical studies published in leading journals show PromarkerD correctly predicted up to 86 per cent of otherwise healthy diabetics who went on to develop diabetic kidney disease within four years.
Earlier in April, Proteomics prepared the groundwork for its entry in the US market by beefing up its clinical advisory board. The company’s new advisory board members were selected from across the healthcare industry, with strong specialisations in primary-care diabetes education and management in the US.
These actions and countless others are all leading towards a moment that the company hopes will occur in December this year when it aims to achieve its first sales in the US. That would signify a major milestone and offer the opportunity to turbocharge its revenue streams … which would top the Christmas wish list for all involved.
Proteomics is now keen to build on the momentum from securing its licence in the US by targeting similar deals in several European markets where Promarker D is already registered.
The Perth-based company is also looking to make headway on the homefront. After submitting its Promarker test with the Australian Therapeutic Goods Association in June last year, it is anticipating a decision by this year’s end.
Other countries and region of interest include Japan, Hong Kong and the Middle East, in terms of their importance as gateway markets and also as areas with high incidences of diabetes.
On the development front, the company is pursuing other potential tests for asthma and chronic obstructive pulmonary disease, diabetic retinopathy and oxidative stress.
So it seems it will a busy end to the year for Proteomics and should the sales bell ring loudly in the US, it might be signalling more than just festive cheer.
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