Proteomics International Laboratories Ltd (ASX: PIQ) has been awarded $413,516 funding to support the manufacture of its PromarkerD clinical diagnostic test in Australia – the world’s first predictive diagnostic test for diabetic kidney disease.
The funding was awarded by MTPConnect as part of the Australian Government’s $45 million BioMedTech Horizons program, an initiative of the Medical Research Future Fund.
The programme aims to support innovative health technologies, drive discoveries towards proof-of-concept and commercialisation that address key health challenges and maximise entrepreneurship and idea potential.
Proteomics International managing director Dr Richard Lipscombe said the funding would supplement the company’s existing manufacturing strategy and budget.
“It will support future manufacture of the PromarkerD test for Australia and South-East Asia by building upon Proteomics International’s specialised ISO 13485 Quality Control and Quality Assurance certification.
We see enormous sales potential in this region once we complete local regulatory and reimbursement approvals. This funding will also help our activities towards obtaining TGA approval [ASX: 28 April] and registration of PromarkerD under the Medical Benefits Scheme [ASX: 22 February],” he said.
Establishing specialised local manufacturing capability for PromarkerD will strengthen and diversify Proteomics International’s supply chains for key reagents such as antibodies and recombinant protein standards.
Importantly for the company’s diagnostics pipeline, it will also help launch future tests under development by Proteomics International, as well as potentially assist other diagnostics companies, bringing more novel Australian medical devices to market in this expanding area.
The funding is to be spent over a 12 month period and Proteomics International will match the funds dollar for dollar, plus additional in-kind contributions.