Proteomics International bolsters financial position

Proteomics International Laboratories (ASX:PIQ) has enhanced its financial standing with a $2.16 million R&D tax incentive for the 2023-24 fiscal year. This follows a substantial $4.95 million investment in research and development. The funding supports the progression of diagnostic tests like PromarkerD, PromarkerEndo, and PromarkerEso, aiming for a 2025 launch in Australia.

Proteomics International's strategic outlook

Proteomics International Laboratories (ASX:PIQ) is leveraging a $2.16 million R&D tax incentive to advance its diagnostic tests, including PromarkerD, PromarkerEndo, and PromarkerEso, which are on track for a 2025 Australian launch. The company plans to use the funds to establish a US laboratory, obtain CLIA accreditation, and secure clinical certification for its Perth lab. These developments align with the firm's strategy to enhance disease treatment through innovative diagnostics, supported by the Australian Government's 43.5% cash rebate initiative.

Executive insights on R&D tax incentive

The R&D Tax Incentive is a critical component of funding our pioneering research and development work. It enables us to continue our mission of translating cutting-edge science into practice-changing diagnostics,' said Dr. Richard Lipscombe.