Proteomics Receives $2.16 Million Tax Incentive
Perth, Dec 16, 2024 AEST (ABN Newswire) - Proteomics International Laboratories Ltd (
ASX:PIQ), a pioneer in precision diagnostics, is pleased to announce that its cash reserves have been further strengthened by the receipt of $2.16 million in research and development tax incentive for the 2023-24 financial year.
Proteomics International's business model sees the Company pursue ground-breaking R&D with blue-sky potential in next generation diagnostic tests using its disruptive Promarker TM technology platform. This R&D is also supported by revenue generated from providing sophisticated analytical services to the biopharmaceutical and life science industry.
The ongoing R&D underpins the Company's novel diagnostic blood tests now entering commercialisation in multiple markets:
- PromarkerD - a predictive test for Diabetic Kidney Disease
- PromarkerEndo - a diagnostic test for Endometriosis
- PromarkerEso - a diagnostic test for Esophageal Cancer
In 2023-24, Proteomics International spent $4.95 million on R&D, enabling the Company to receive an Australian Government rebate of $2,156,377.
The funding will be used to support key milestones for the Company:
1. the establishment of the Proteomics International USA Inc laboratory and its CLIA accreditation for performing Laboratory Developed Tests (LDTs);
2. clinical certification (ISO 15189) of Proteomics International's Perth laboratory to enable testing of clinical samples; and
3. subsequent launch of the PromarkerD (Q1 CY25), PromarkerEso (Q1 CY25) and PromarkerEndo (Q2 CY25) tests in Australia.
The Federal R&D tax incentive encourages companies engaging in beneficial research to Australia by providing a cash rebate of 43.5% for qualifying activities.
About Proteomics International Laboratories Ltd
Proteomics International Laboratories (ASX:PIQ) is a wholly owned subsidiary and trading name of PILL, a medical technology company at the forefront of predictive diagnostics and bioanalytical services. The Company specialises in the area of proteomics - the industrial scale study of the structure and function of proteins. Proteomics International's mission is to improve the quality of lives by the creation and application of innovative tools that enable the improved treatment of disease.
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