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Proteomics International Laboratories raises funds for diabetic kidney test

Published: 11:00 28 Dec 2016 AEDT

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Proteomics has raised funds.

The directors, who were scaled back in-line with other shareholders, have committed to top up their scale-back by buying shares in the open market.

It is worth noting that Proteomics has a tight free float, and directors buying on-market shows a vote of confidence.

The share purchase plan follows a placement to sophisticated investors, which raised $1.44 million.

The combined issues have raised $2 million, before costs.

The funds will be used to advance Proteomics’ activities in diagnostics and analytical services, specifically to support:

- the development and commercialisation of its flagship diagnostic product, PromarkerD, a breakthrough predictive test for diabetic kidney disease; and
- the rollout of Proteomics’ new analytical testing services for the fast-growing clinical trials market.

Recent clinical studies have shown that PromarkerD correctly predicts 61-97% of individuals who went on to have a clinically significant decline in kidney function within four years.

There are currently 415 million adults worldwide with diabetes, and about one-third of these people have chronic kidney disease which can lead to dialysis or kidney transplant.

Proteomics has multiple commercialisation pathways for PromarkerD - as a laboratory developed test (LDT), a standard clinical pathology in-vitro diagnostic test and a companion diagnostic (CDx).

In October, the company edged out shipbuilding giant Austal and Fortescue Metals Group to win the Western Australia Exporter of the Year Award.

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