On 26 November 2018, Proteomics International Laboratories Ltd (ASX: PIQ) announced that it has signed a research collaboration agreement with Janssen Research & Development, LLC for diabetic kidney disease treatment research. Following the release of this news, the share price of the company increased by 12.195 percent as on 26 November 2018.
Proteomics International Laboratories has already pioneered the world-leading predictive diagnostic test for diabetic kidney disease, PromarkerD and working with Janssen Research & Development will further help the company in developing a treatment for diabetic kidney disease.
As per the agreement, Janssen will first provide the samples from its completed clinical trials, and then Proteomics International will be performing the sample testing on them. Both parties are going to pay for their own costs. The results are expected to be published after 6-12 months of analysis. While doing the analysis, PromarkerD will be used as an early predictor of kidney function in patients, and it will assess how the PromarkerD score correlates with drug response in patients with diabetic kidney disease. This collaboration between both the companies will help in evaluating PromarkerD performance in predicting heart disease. Moreover, the Proteomics International and Atturos signed an agreement to expand the use of mass spectrometry for new diagnostic tests. Atturos is an Irish clinical diagnostics company founded to commercialize the OCProDx test. OCProDx is a blood test that can determine whether diagnosed prostate cancer is confined to the prostate.
In FY 2018, the company reported the revenue from continuing operations of $1.176 million which was $0.925 million in FY 2017. The company incurred a loss of $1.44 million in FY 2018 which was $0.916 million in FY 2018. As at 30 September 2018, the company was having cash reserves of $2.6 million. In the last six months, the share price of the company increased by 121.62 percent. PIQ’s shares are traded at $0.460 with a market capitalization of circa $32.84 million as on 26 November 2018 (AEST 4:00 PM).
Mesoblast Limited (ASX: MSB)
Chinese leading Pharmaceutical Company, Tasly Pharmaceutical Group and Mesoblast Limited (ASX: MSB) made an announcement on 26 November 2018, stating that as a result of first Joint Steering Committee (JSC) meeting for their cardiovascular partnership, Tasly is planning to meet with the National Medical Products Administration (NMPA) of China to discuss the regulatory approval pathway for Mesoblast’s heart failure product candidate MPC-150-IM in China. Following the release of this news, the share price of the company increased by 1.873 percent as on 26 November 2018.
Both the companies are planning to gain from each other’s clinical trial results to support their respective regulatory submissions. In the first quarter of FY 2019, the company reported a revenue of US$11.6 million which is significantly higher than US$1.2 million of Q1 FY 2018. In the last six months, the share price of MSB decreased by 15.51 percent as on 23 November 2018. MSB’s shares are traded at $1.360 with a market capitalization of circa $663.98 million as on 26 November 2018 (AEST 4:00 PM).
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