Proteomics International Laboratories (ASX:PIQ) - Managing Director, Dr Richard Lipscombe
Managing Director, Dr Richard Lipscombe
Source: Proteomics International
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  • Proteomics International Laboratories (PIQ) sees its cash reserves strengthened by a $1.2 million research and development tax incentive for the 2020/2021 financial year
  • During FY21 Proteomics spent $2.85 million on R&D, enabling the company to receive an Australian Government rebate of 43.5 per cent
  • Proteomics says it has been working to pursue ground-breaking R&D with blue-sky potential in next generation diagnostic tests, including the commercialisation of its predictive test for diabetic kidney disease
  • The company says it will continue to invest in its biomarker discovery program centered on the Promarker technology platform
  • Proteomics last traded at $1.13 on December 13

Proteomics International Laboratories (PIQ) has seen its cash reserves strengthened by the receipt of a $1.2 million research and development tax incentive for the 2020/2021 financial year.  

Over the past financial year Proteomics spent $2.85 million on research and development (R&D), enabling the company to receive an Australian Government rebate of $1,24 million.

The Federal R&D tax incentive encourages companies engaging in research considered beneficial to Australia by offering a cash rebate of 43.5 per cent for qualifying activities.

Proteomics said it has been working to pursue ground-breaking R&D with blue-sky potential in next generation diagnostic tests.

Commercialisation for PromarkerD, the company’s predictive test for diabetic kidney disease, has been ongoing, along with developing new fee-for-service analytical methods.

PromarkerD is a prognostic test that can predict future kidney decline in patients with either type 2 diabetes or no existing diabetic kidney disease, using a simple blood test that measures three serum protein biomarkers.

Study results have shown PromarkerD can outperformed the current tests used to predicting the onset of diabetic kidney disease during a four-year follow-up period.

The company says it will continue to invest in its biomarker discovery program centred on the Promarker technology platform.

Proteomics last traded at $1.13 on December 13.

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