Proteomics International Laboratories Ltd (PIQ.AX) Receives $1.85 Million in R&D Tax Incentive

Proteomics International Laboratories Ltd (ASX:PIQ), a pioneer in predictive diagnostics, is pleased to announce that its cash reserves have been further strengthened by the receipt of $1.85 million in research and development tax incentive for the 2022-23 financial year.

Proteomics International's business model sees the Company pursue ground-breaking R&D with blue-sky potential in next generation diagnostic tests using its Promarker TM technology platform, and underpinned by revenue generated from providing sophisticated analytical services.

As commercialisation progresses for PromarkerD, the Company's simple cost-effective predictive test for diabetic kidney disease, Proteomics International is advancing two other blood tests - PromarkerEndo for endometriosis, and PromarkerEso for oesophageal cancer - both part of a rich pipeline of diagnostics tests in development.

In 2022-23, Proteomics International spent $4.25 million on R&D, enabling the company to receive an Australian Government rebate of $1,848,832.

The Federal R&D tax incentive encourages companies engaging in beneficial research to Australia by providing a cash rebate of 43.5% for qualifying activities.

Dr Richard Lipscombe
Managing Director
Proteomics International Laboratories Ltd
T: +61 8 9389 1992
E: enquiries@proteomicsinternational.com

Dirk van Dissel 
Investor Relations & Corporate Advisor
Candour Advisory
T: +61 408 326 367 
E: dirk@candouradvisory.com.au

Kyle Moss
Corporate Advisor
Euroz Hartleys
T: +61 8 9488 1400
E: kmoss@eurozhartleys.com

News Provided by ABN Newswire