Proteomics International Laboratories (ASX: PIQ) has hired industry veteran Dr James Williams as a non-executive director in a boardroom boost aimed at helping guide the company’s pathway towards commercialising its predictive diagnostics tools.
Dr Williams, a seasoned figure and entrepreneur in the life sciences sector, has more than 25 years of experience as chief executive officer, chief technology director and director within several different biotech firms.
Proteomics says he will add invaluable experience to the board after playing a key role in the development of five United States Food and Drug Administration (FDA)-approved drugs and medical devices. He was also the co-discoverer of the lead therapy for Dimerix, which is currently conducting phase-three clinical trials for chronic kidney disease.
Dr Williams is the current Health Translation Group chief executive officer and holds board positions at the Perron Institute for Neurological and Translational Science in Perth and Western Australian-based sustainable crop protection solutions company, Demagtech. His previous roles include co-founding early-stage venture capital firm Yuuwa Capital and contributing to several Australian Government advisory committees.
James brings industry-specific skills and a proven record of commercialisation experience to strengthen our Board at a pivotal stage of our company’s development and his wealth of industry-specific knowledge, especially in the chronic kidney disease space, will be invaluable. With operational insights from an accomplished entrepreneur and investor we look forward to leveraging his experience in the next phase of Proteomics International’s growth
Proteomics International Laboratories Managing Director Dr Richard Lipscombe
Dr Williams believes Proteomics is poised for “substantial growth”, particularly through the company’s innovative diagnostic tests for conditions such as diabetic kidney disease, endometriosis and esophageal cancer and their potential to meet unfilled medical needs.
The field of proteomics revolves around the large-scale study of proteins and the company is currently focused on the development of its “PromarkerD” predictive diagnostic tool that can detect chronic kidney disease in type 2 diabetes patients.
The company recently revealed at an Australasian diabetes conference in Perth that its testing has now confirmed excellent predictive qualities in detecting the possibility of future renal decline in type 1 patients, marking a significant breakthrough for its technology. Management says the tests indicate that PromarkerD is at least as good at predicting renal decline in type 1 patients as it is for those living with the type 2 version of the widespread disease.
Proteomics had previously signalled plans to strengthen its board and management as it gears up for its first sales. Following a recent termination of its exclusive license agreement with Sonic Healthcare USA for the PromarkerD test, Dr Williams’ appointment comes at a pivotal time.
His experience and appointment may well now open the door for the company to launch its product directly through alternative pathology laboratories and/or direct to consumers and patients, potentially saving it a considerable license fee.
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