Proteomics shares up 22pc as it heads to Mexico with kidney disease test
Health & Biotech
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Shares in medtech Proteomics jumped 22 per cent today after it announced its second international deal in a matter of weeks.
Perth-based Proteomics — which makes a predictive test for diabetic kidney disease called PromarkerD — is taking the product to Mexico, where diabetes is the second biggest killer.
PromarkerD is a blood-based diagnostic test that can predict whether a diabetes patient is likely to develop kidney disease by measuring the patient’s concentration of a specific set of biomarkers.
Proteomics (ASX:PIQ) jumped 4c to 22c in early Monday trade.
Just weeks ago the microcap biotech announced a partnership with US diagnostics business PrismHealth to bring the test to US patients.
Under the latest deal, Mexican biotech Patia Biopharma will develop and commerialise PromarkerD in Mexico. The deal is a multi-year, royalty-based deal which we see the test initially rolled out through private hospitals and clinics in Mexico before expanding into the public system.
Proteomics puts the annual cost of kidney disease and related healthcare spending at $US50 billion.
Mexico has 13 million adults with diabetes and the company says associated health problems are responsible for one in seven deaths there, making it the second biggest killer in the nation.
PromarkerD was initially made available to patients in the Dominican Republic in March.
Proteomics started the year on a high note, with shares hitting as high as 34c in January as the company outlined its global distribution strategy for PromarkerD.
The shares had steadily declined back to about 18c — where they were in November — before rallying.
In the March quarter, cash from customers jumped to $206,000, up from $151,000 the previous quarter.
The company burned through $632,000 in the three months to March, more than $400,000 of which was on research and development.
There was $2.7 million left in the kitty at the end of March.