Proteomics targets key Asian markets and biosimilars

Company News

Proteomics (ASX: PIQ) has provided a positive update on its business development activities in key Asian markets.

The company has a commercialisation agreement with leading Chinese biopharmaceutical company Newsummit Biopharma to commercialise PromarkerD, its Predictive and Diagnostic Test for the early diagnosis of diabetic kidney disease (DKD).

Proteomics managing director Dr Richard Lipscombe was in Shanghai last week at the invitation of Newsummit to attend the 6th China International Medical Expo and to commence discussions on potential licensing and funding partners.

The company said Dr Lipscombe met with key opinion leaders in relation to the commercialisation of PromarkerD in China, including the Director of the Shanghai Diabetes Institute and President-elect of the Chinese Diabetes Society, Professor Weiping Jia, who also attended the formal signing ceremony for the Agreement.

The Newsummit Agreement was entered into in February this year prior to the Company’s ASX listing. It is the first commercial agreement for PromarkerD. It is also the first-ever proteomics derived In-Vitro Diagnostic (IVD) to enter the Chinese market.

Proteomics says Asia, and China in particular, represents a key market for PromakerD as the incidence of diabetes in the region has increased dramatically in recent years, with chronic kidney disease being one of its major complications.

The company also presented at a key South Korean Life Sciences and Healthcare event

Dr Lipscombe presented the Company’s proteomics-based technology platform and services to the exclusive Australasian Life Science and Healthcare Showcase in Seoul.

The event was open to only a small number of Australasian Life Science and Healthcare companies and was attended by around 50 strategic and corporate investors and fund managers from South Korea, seeking capital links and transaction opportunities between Korea and innovative Australian companies.

The event was hosted by the Korea Trade-Investment Promotion Agency's (KOTRA) Global M&A Centre, in conjunction with the Korea Pharmaceutical Manufacturers Association (KPMA), the Korean Biotechnology Industry Organisation, and Wholesale Investor.

The company also confirmed that its Global Head of Business Development, Chuck Morrison, recently attended a major international Biosimilars conference in the US to showcase the Company’s new Biosimilars data pack.

The conference, the 4th International Conference and Exhibition on Biologics and Biosimilars, was attended by global experts and leaders in biosimilar development, manufacturing and commercialisation.

Biosimilars and Analytical Services are key parts of Proteomic’s business. The Company utilises its proteomics-based technology platform to test and validate the protein composition of a wide range of products. It has major application in the biosimilars market, with manufacturers of generic protein drugs seeking to have their compounds validated as a like-for-like against blockbuster drugs they seek to replace as they come off patent. Twelve protein-based drugs with combined revenue of $50 billion will come off patent by 2017.