Proteomics banks $4.5M to fast-track novel diagnostic test launches
Medical innovator Proteomics International Laboratories is charging into selling mode after locking away $4.5 million from institutional and sophisticated investors to fast-track the roll-out of its novel Promarker diagnostic tests across Australia and the United States.
The Perth-based biotech is known for its pioneering work in predictive diagnostics through the large-scale study of proteins.
Its new funds will propel the launch of three first-in-class blood tests, the PromarkerD for diabetic kidney disease, PromarkerEso for oesophageal cancer and PromarkerEndo for endometriosis.
The placement was priced at 37 cents per share with one free-attaching option for every two shares and was snapped up at a nearly 18 per cent discount on the company's recent trading price.
Directors and key management also jumped on board, pledging a further $500,000 subject to shareholder approval. A $1M share purchase plan is also on the table, giving existing investors a shot at the action.
'The funds will drive the US and Australian launch of our suite of diagnostic tests.'
Proteomics International Laboratories managing director Dr Richard Lipscombe
The first-of-its-kind PromarkerD predictive blood test can detect the likely risk of a diabetic patient developing chronic kidney disease up to four years before symptoms appear. It is now being rolled out in the US.
PromarkerEso tackles a notoriously difficult-to-detect cancer by picking up those patients at risk because of chronic acid reflux. Trials have shown the test has a remarkable 94 per cent accuracy in diagnosing oesophageal cancer in patients. The test is now ready for public sale.
Proteomics is also set to launch PromarkerEndo for early endometriosis detection between June and September this year when patents are locked in across all the major markets. The test offers a simple blood test for a condition that is currently chronically underserviced and can take an average of seven years to diagnose.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
West Australian
an hour ago
- West Australian
Getty argues its UK copyright case does not threaten AI
Getty Images' landmark copyright lawsuit against artificial intelligence company Stability AI has begun at London's High Court, with Getty rejecting Stability AI's contention the case poses a threat to the generative AI industry. Seattle-based Getty, which produces editorial content and creative stock images and video, accuses Stability AI of using its images to "train" its Stable Diffusion system which can generate images from text inputs. Getty, which is bringing a parallel lawsuit against Stability AI in the United States, says Stability AI unlawfully scraped millions of images from its websites and used them to train and develop Stable Diffusion. Stability AI - which has raised hundreds of millions of dollars in funding and in March announced investment by the world's largest advertising company, WPP - is fighting the case and denies infringing any of Getty's rights. Before the trial began on Monday, Stability AI's spokesperson said "the wider dispute is about technological innovation and freedom of ideas". "Artists using our tools are producing works built upon collective human knowledge, which is at the core of fair use and freedom of expression," the spokesperson said. In court filings, Stability AI lawyer Hugo Cuddigan said Getty's lawsuit posed "an overt threat to Stability's whole business and the wider generative AI industry". Getty's lawyers said that argument was incorrect and their case was about upholding intellectual property rights. "It is not a battle between creatives and technology, where a win for Getty Images means the end of AI," Getty's lawyer Lindsay Lane told the court. She added: "The two industries can exist in synergistic harmony because copyright works and database rights are critical to the advancement and success of AI ... the problem is when AI companies such as Stability want to use those works without payment." Getty's case is one of several lawsuits brought in the United Kingdom, the US and elsewhere over the use of copyright-protected material to train AI models, after ChatGPT and other AI tools became widely available more than two years ago. Creative industries are grappling with the legal and ethical implications of AI models that can produce their own work after being trained on existing material. Prominent figures including Elton John have called for greater protections for artists. Lawyers say Getty's case will have a major effect on the law, as well as potentially informing government policy on copyright protections relating to AI. "Legally, we're in uncharted territory. This case will be pivotal in setting the boundaries of the monopoly granted by UK copyright in the age of AI," Rebecca Newman, a lawyer at Addleshaw Goddard, who is not involved in the case, said. Cerys Wyn Davies, from the law firm Pinsent Masons, said the High Court's ruling "could have a major bearing on market practice and the UK's attractiveness as a jurisdiction for AI development".
Perth Now
an hour ago
- Perth Now
Getty argues its UK copyright case does not threaten AI
Getty Images' landmark copyright lawsuit against artificial intelligence company Stability AI has begun at London's High Court, with Getty rejecting Stability AI's contention the case poses a threat to the generative AI industry. Seattle-based Getty, which produces editorial content and creative stock images and video, accuses Stability AI of using its images to "train" its Stable Diffusion system which can generate images from text inputs. Getty, which is bringing a parallel lawsuit against Stability AI in the United States, says Stability AI unlawfully scraped millions of images from its websites and used them to train and develop Stable Diffusion. Stability AI - which has raised hundreds of millions of dollars in funding and in March announced investment by the world's largest advertising company, WPP - is fighting the case and denies infringing any of Getty's rights. Before the trial began on Monday, Stability AI's spokesperson said "the wider dispute is about technological innovation and freedom of ideas". "Artists using our tools are producing works built upon collective human knowledge, which is at the core of fair use and freedom of expression," the spokesperson said. In court filings, Stability AI lawyer Hugo Cuddigan said Getty's lawsuit posed "an overt threat to Stability's whole business and the wider generative AI industry". Getty's lawyers said that argument was incorrect and their case was about upholding intellectual property rights. "It is not a battle between creatives and technology, where a win for Getty Images means the end of AI," Getty's lawyer Lindsay Lane told the court. She added: "The two industries can exist in synergistic harmony because copyright works and database rights are critical to the advancement and success of AI ... the problem is when AI companies such as Stability want to use those works without payment." Getty's case is one of several lawsuits brought in the United Kingdom, the US and elsewhere over the use of copyright-protected material to train AI models, after ChatGPT and other AI tools became widely available more than two years ago. Creative industries are grappling with the legal and ethical implications of AI models that can produce their own work after being trained on existing material. Prominent figures including Elton John have called for greater protections for artists. Lawyers say Getty's case will have a major effect on the law, as well as potentially informing government policy on copyright protections relating to AI. "Legally, we're in uncharted territory. This case will be pivotal in setting the boundaries of the monopoly granted by UK copyright in the age of AI," Rebecca Newman, a lawyer at Addleshaw Goddard, who is not involved in the case, said. Cerys Wyn Davies, from the law firm Pinsent Masons, said the High Court's ruling "could have a major bearing on market practice and the UK's attractiveness as a jurisdiction for AI development".
The Australian
3 hours ago
- The Australian
West Australia could realign its public holidays with eastern states
West Australians could be treated to an additional public holiday next year as the state looks at aligning its system with the east coast. WA currently has the lowest number of public holidays in the nation, and usually has a day off one week earlier than its eastern state counterparts. The state celebrates WA Day on the fist Monday in June, then celebrates the Kings Birthday on the fourth weekend in September. Most other states and territories celebrate the Kings Birthday on the second weekend in June. Premier Roger Cook said it was ridiculous to have a situation where Western Australia closes its doors when the east coast was open for business. Picture: NewsWire/ Sharon Smith Premier Roger Cook said his department was looking at realigning West Australian public holidays with the east coast so they were better synched. 'It is ridiculous you have a situation where Western Australia closes its doors or shuts the shop when the east coast is open for business,' he said. 'Today of course, you'll have frustrated members of the Western Australian business community that can't access their colleagues on the east coast. 'I'm reviewing the whole range of public holidays we have in Western Australia and where they land to make sure that we've got better alignment and that they work better for the WA community 'We are part of a national economy, and we should be working together much better to ensure better alignment around these days. ' Premier Roger Cook said his department was looking at realigning WA's public holidays with the east coast. Picture: NewsWire/Philip Gostelow CCIWA chief economist Aaron Morey said it was a good call from the premier but he did not support an additional public holiday. 'I think it's a good call from the Premier and lining up holidays definitely has public merit, how many birthdays does the king need?' he said. 'We're going to see some distraction today, the Melbourne Collingwood game on, I think people would rather be at home watching that.' But Mr Morey said he did not support having an additional public holiday in WA, which were huge headache for small businesses doing it tough. 'Someone might see a public holiday as a benefit, but for a small business, they just see another day when they have to pay $65 an hour for someone to wash dishes,' he said. 'It's really difficult for small business to navigate and to plan around public holidays, and so certainly not supportive of that concept.'
