Proteomics International Laboratories (ASX: PIQ) has sealed a new deal with medical diagnostics company Eurobio Scientific to distribute its predictive “PromarkerD” test for diabetic kidney disease (DKD) in France.
Under the five-year deal, with an option to extend for a further five years, Proteomics will receive a payment for each PromarkerD kit sold. The company says further details of the agreement are commercially sensitive and confidential.
The PromarkerD test has already been registered with a mandatory “CE Mark” in the European Union. The CE Mark is a declaration by a manufacturer that a product meets all of the required provisions to allow it to be sold within the EU.
Proteomics has specifically designed its PromarkerD test to predict the risk of future kidney function decline in patients who have type 2 diabetes, but no existing DKD. Management says it is the world’s only predictive test for the onset of kidney disease for type 2 diabetics before clinical symptoms appear.
It uses a simple blood test to detect a unique “fingerprint” for the early onset of the disease. Clinical studies published in leading journals have shown PromarkerD to correctly predict up to 86 per cent of otherwise healthy diabetics, who went on to develop DKD up to four years before clinical symptoms appeared.
Eurobio Scientific’s extensive distribution network across France ensures that our innovative PromarkerD predictive test can reach healthcare providers efficiently. Eurobio Scientific’s strong relationships with key stakeholders, robust market knowledge and local expertise will drive demand for our test in this important market.
Proteomics International Laboratories managing director Dr Richard Lipscombe
According to the World Health Organisation, diabetes is one of the leading causes of death and disability worldwide, with 10 per cent of the global population now living with the disease. France has one of the highest rates of end-stage renal diseases in Europe, with 8.6 per cent of that country’s adult population living with type 2 diabetes at an estimated direct cost of €8.5 billion (AU$13.7 billion) annually.
In February last year, Proteomics locked in a five-year extension to its exclusive master distribution deal in Britain with Berkshire-based Apacor. And that move now appears to have paid dividends as Eurobio is a sub-distributor of Apacor.
Eurobio, which is listed on the Paris CAC stock exchange, is a leading French company in the biotechnology space, specialising in developing, manufacturing and distributing diagnostic tests.
Proteomics also remains busy developing its world-first “PromarkerEndo” blood test for the detection of endometriosis, a crippling condition that affects one in nine women across Australia, and “PromarkerEso” for the early detection of esophageal cancer, which has a five-year survival rate of less than 20 per cent.
The company is clearly signalling an intent to build on its expansion path to tackle what it describes as a “silent pandemic” by nailing down the new deal with Eurobio. It comes hot on the heels of last week’s news that it has appointed Netherlands-based sales agency Growth Medics to promote “PromarkerD” throughout Europe – and more particularly in the Netherlands, Belgium, Italy and Spain.
In May last year, Proteomics also confirmed it had inked an exclusive deal with Sonic Healthcare USA for the use and commercialisation of the PromarkerD test in the United States.
Globally, there are 537 million adults diagnosed with the chronic condition – a daunting tally that is forecast to reach 783 million by 2045. In the US alone, an estimated 32 million people – or 11 per cent of the adult population – live with diabetes, costing that country a whopping US$130 billion (AU$198 billion) a year.
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