Proteomics International Laboratories (ASX: PIQ) has clinched a licence deal to market its diabetic kidney disease prediction test in Spain, where around 3.6 million adults have been diagnosed with diabetes.
The medical technology company today announced the deal with Patia Europe, the Spanish subsidiary of public health company Patia Biopharma Mexico. It already has a licence agreement with this parent company in Mexico.
This latest deal is a two-year exclusive licence agreement that will see Patia commercialise Proteomics’ ProMarkerD mass spectrometry laboratory developed test, which is a predictive diagnostic test that can detect the onset of diabetic kidney disease up to four years before clinical symptoms appear.
According to Proteomics, first sales are anticipated within six months. Under the deal, the company will receive a royalty on each test sold.
Patia Europe chief executive Laureano Simon has described ProMarkerD as a “breakthrough” test that allows the pre-emptive detection of “one of the most costly complications of diabetes”.
“This predictive test will let us intervene early and prescribe treatments to prevent the disease and help reverse the growing impact of diabetes on public health in Spain,” Simon said.
In addition to its licence deal in Mexico, where ProMarkerD is due to launch in the new year, Proteomics has a licence agreement with Texas-based company PHDx to market the test in the United States.
The US launch is anticipated “within weeks”, the company stated.
Recognition for export success
Last Thursday, Proteomics was awarded the WA Export Award in the Health and Biotechnology category at the 30th Western Australia Industry and Export Awards.
The award recognises the company’s recent export success, demonstrated by its export-derived revenue doubling to $795,000 in the 2018 fiscal year.
According to Proteomics, the award also reflects the company’s growth in long-term markets such as India and expansion into new markets with first sales to China and the Netherlands.
Proteomics shares were up 7.69% to $0.28 on today’s announcement by early afternoon trade.