R&D Funding Windfall Strengthens Proteomics International’s Diagnostic Ambitions
Proteomics International Laboratories has secured a $2.2 million Australian Government R&D tax rebate, reinforcing its financial position as it advances a promising pipeline of diagnostic tests based on its proprietary Promarker® technology.
- Received $2.2 million R&D tax incentive for 2024-25
- Spent $5.15 million on research and development
- Supports commercialisation of Promarker® diagnostic tests
- Pipeline includes tests for diabetic kidney disease, endometriosis, and esophageal cancer
- Funding underpins ongoing innovation in precision diagnostics
Proteomics International Strengthens Financial Position
Proteomics International Laboratories Ltd (ASX, PIQ), a leader in precision diagnostics, has announced the receipt of a $2.2 million research and development (R&D) tax incentive rebate from the Australian Government for the 2024-25 financial year. This rebate reflects the company's $5.15 million investment in R&D during the period, underscoring its commitment to pioneering diagnostic technologies.
Backing Innovation with Promarker® Technology
The funding boost comes at a critical time as Proteomics International pushes forward with the commercialisation of its Promarker® technology platform. This proprietary platform is designed to deliver next-generation diagnostic tests with the potential to transform disease detection and management. Key projects in the pipeline include Promarker®D for diabetic kidney disease, Promarker®Endo for endometriosis, and Promarker®Eso targeting esophageal cancer.
Additionally, the company is advancing OxiDx, a test measuring oxidative stress to monitor athletic muscle strain, alongside exploratory diagnostics for asthma, chronic obstructive pulmonary disease (COPD), and diabetes complications. These developments highlight the breadth of Proteomics International's innovation across multiple high-impact health conditions.
Government Support Fuels R&D Ambitions
The Australian Government’s R&D tax incentive program offers a 43.5% rebate on qualifying research expenditures, encouraging companies like Proteomics International to invest heavily in scientific advancement within Australia. This financial support not only strengthens the company’s cash reserves but also validates its strategic focus on disruptive diagnostic technologies.
Managing Director Dr Richard Lipscombe emphasized the importance of this funding in sustaining the company’s development efforts, noting that it underpins both the commercialisation phases of existing tests and the ongoing research into new diagnostic solutions.
Looking Ahead
As Proteomics International continues to navigate the path from research to market, the infusion of government-backed capital provides a solid foundation for upcoming milestones. Investors and industry watchers will be keen to monitor clinical trial progress, regulatory approvals, and commercial uptake of these innovative diagnostic tools.
Bottom Line?
This $2.2 million rebate not only boosts Proteomics International’s cash flow but also signals growing momentum behind its diagnostic innovations.
Questions in the middle?
- What are the expected timelines for regulatory approvals and commercial launches of Promarker® tests?
- How will Proteomics International prioritise its diverse diagnostic pipeline moving forward?
- What partnerships or collaborations might accelerate the commercialisation of these technologies?
