- Proteomics International (PIQ) has won a major pharmacokinetic testing contract with Australia’s largest clinical trial contract research organisation, Avance Clinical
- Pharmacokinetics is the study of what happens to drugs once they are inside the body
- The contract between the parties will study a drug for lysosomal storage disorder on behalf of a U.S. pharmaceutical company
- This work is expected to be undertaken over the next three months
- Notably, this contract is valued at $243,000 — making it Proteomics' largest to date
- Proteomics ended the day down 0.44 per cent to close at $1.14 per share
Proteomics International (PIQ) has won a major pharmacokinetic testing contract with Avance Clinical.
Pharmacokinetics is the study of what happens to drugs once they are inside the body. This includes the rate at which the drugs are absorbed, distributed, metabolised and excreted.
Avance Clinical is Australia's largest clinical trial contract research organisation and has been running for 20 years.
The contract is part of a phase one clinical trial examining the safety, tolerability and pharmacokinetics of the lysosomal storage drug on behalf of a U.S. pharmaceutical company.
Notably, this contract is the company's largest to date, valued at $243,000. The work is expected to be undertaken over the next three months.
Proteomics Managing Director Dr Richard Lipscombe says the company is seeing its analytical services activity return to pre-covid levels of growth.
"Proteomics International's pharmacokinetic testing business continues to strengthen, boosting our analytical services revenue, which in turn helps offset our diagnostic research and development and commercialisation expenditure," he said.
"Our strategy is to exploit our extensive biomarker discovery and analytical services capabilities to target new opportunities in Companion and Complementary Diagnostics (CDx), with the goal of generating valuable intellectual property," he added.
Proteomics ended the day 0.44 per cent in the red with shares closing at $1.14 per share.