- Proteomics International Laboratories (PIQ) has signed a distribution licencing agreement for the predictive test for diabetic kidney disease in Italy
- The immunoassay version of the PromarkerD predictive test for diabetic kidney disease is a world first
- This agreement is the first time Proteomics has distributed the easy-to-use, high volume immunoassay version of the PromarkerD test
- The agreement with Italian distributor Medical Horizons SRL will last for two years and see's the test launch in a market where 1 in 12 people have diabetes
- Proteomics will receive payment for each kit sold, however, the exact remuneration amount hasn't been revealed
- The company also plans to renegotiate its existing PromarkerD partners to allow them to access the immunoassay version of the test.
- Shares in PIQ are trading 10.1 per cent in the green at 60 cents each
Medical technology company Proteomics International Laboratories (PIQ) has signed a distribution agreement for its world-first predictive test for diabetic kidney disease.
The two year distribution and licencing agreement was signed with Italian distributor Medical Horizons SRL and will see PIQ's test launch exclusively in Italy.
Today's announcement is significant as it marks the first time Proteomics has distributed the easy-to-use, high volume immunoassay version of the PromarkerD test, which opens up significant new markets.
"Previously we focused on the more sophisticated mass spectrometry test, but the release of this easy-to-use, higher throughput immunoassay platform opens up many more market opportunities," PIQ Managing director Richard Lipscombe explained.
"The availability of the CE Marked PromarkerD immunoassay kit allows new licensing models for this ground-breaking test. We can enter into more traditional distribution agreements with proven companies like Medical Horizons," he added.
The launch of the blood test into Italy is strategic, with an estimated 1 in 12 people in the European country currently has diabetes, with 1 in 3 of those expected to also develop chronic kidney disease.
PIQ's PromarkerD is the only test available in the whole of the European Union for predicting the onset of the condition.
"With this technology used as an annual test, doctors will be able to identify at-risk patients for early intervention," Medical Horizons CEO Guido Osto said.
"It will help minimise the effects of diabetic kidney disease, and potentially save the healthcare system billions of Euros," he added.
Proteomics will receive payment for each test kit sold, however, the exact remuneration details haven't been released as it's deemed commercially sensitive.
Following the signing of the agreement, Medical Horizons will now complete registration of PromarkerD with the Italian Ministry of Health - that's expected to take one month and once completed will allow the test to be officially sold in Italy.
The distribution partner said they've also begun engaging with a number of Italian Healthcare Leaders for the promotion and early adoption of the test by major hospitals in the region.
Meanwhile, Proteomics said it was in the process of renegotiating deals with the company’s existing PromarkerD partners to allow them to access the world-first immunoassay version of the test.
Shares in Proteomics International Laboratories have been trading in the green since today's positive distribution announcement.
Currently, PIQ is worth 60 cents a pop, up 10.1 per cent at 1:09 pm AEDT.