Proteomics International Laboratories Ltd (PIQ.AX) Receives $2.16 Million in R&D Tax Incentive

Proteomics International Laboratories Ltd (ASX:PIQ), a pioneer in precision diagnostics, is pleased to announce that its cash reserves have been further strengthened by the receipt of $2.16 million in research and development tax incentive for the 2023-24 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 disruptive Promarker TM technology platform. This R&D is also supported by revenue generated from providing sophisticated analytical services to the biopharmaceutical and life science industry.

The ongoing R&D underpins the Company's novel diagnostic blood tests now entering commercialisation in multiple markets:

- PromarkerD - a predictive test for Diabetic Kidney Disease

- PromarkerEndo - a diagnostic test for Endometriosis

- PromarkerEso - a diagnostic test for Esophageal Cancer

In 2023-24, Proteomics International spent $4.95 million on R&D, enabling the Company to receive an Australian Government rebate of $2,156,377.

The funding will be used to support key milestones for the Company:

1. the establishment of the Proteomics International USA Inc laboratory and its CLIA accreditation for performing Laboratory Developed Tests (LDTs);

2. clinical certification (ISO 15189) of Proteomics International's Perth laboratory to enable testing of clinical samples; and

3. subsequent launch of the PromarkerD (Q1 CY25), PromarkerEso (Q1 CY25) and PromarkerEndo (Q2 CY25) tests in Australia.

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

Andrew Williams
Public Relations
Profile Media
T: +61 412 614 125
E: andreww@profilemedia.com.au

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