Proteomics International announces Strategic Alliance and Investment in CPR Pharma Services
February 11 2018 - 4:00PM
JCN Newswire (English)
Targeting New Diagnostic Tests and Improved Drug Development
PERTH, W. AUSTRALIA, Feb 12, 2018 - (ACN Newswire) - MedTech
pioneer Proteomics International (PILL; ASX: PIQ) has entered into
a strategic alliance with CPR Pharma Services (CPR), targeting the
high growth area of clinical trials and related research, with an
offer to acquire 10% of CPR's share capital through the issue of 4
million PIQ shares.
This alliance will see Proteomics International applying its
Promarker discovery platform to formulate a new series of
predictive diagnostics and analytical services capabilities in
compliment to CPR's position as an APAC-based leader in the
provision of clinical services and laboratory testing in clinical
trials.
Dr Richard Lipscombe, Proteomics International Managing Director
said, "This alliance with CPR Pharma Services presents a fantastic
opportunity to expand our diagnostics portfolio, and increase
revenues substantially. We see this alliance as adding significant
new value to our already successful Promarker technology."
Strategic Rationale
In combination, Proteomics International and CPR can offer a
unique, R&D focused, Contract Research Organisation (CRO)
capability specialising in companion diagnostics and clinical
trials, with new Promarker companion diagnostic tests - which could
save biopharma companies millions of research dollars and help
bring treatments to market faster.
The alliance will offer regional and local project management,
certified bioanalysis, trial monitoring, data management and
biostatistical services, analytical platforms of mass spectrometry
and immunoassay for small and large molecules, sample storage and
stability testing, and development of new methods and diagnostic
tests.
The strategic alliance with CPR builds upon Proteomics
International's partnership with Linear Clinical Research Ltd (ASX:
15 Nov 2016), a specialist clinical trials site.
Offer Details
In consideration for 10% of the fully diluted issued share capital
of CPR, Proteomics International Laboratories Ltd will issue four
million (4,000,000) fully paid ordinary PIQ shares. The deemed
issue price will be the 30 day VWAP per share, and shares will be
subject to a 12-month escrow period.
Completion of the acquisition of shares in CPR is subject to
receiving CPR shareholder approval by 28 Feb 2018. The transaction
is due to complete 5 March 2018.
By mutual agreement Proteomics International Laboratories Ltd and
CPR may elect to undertake a secondary share swap of four million
(4,000,000) PIQ shares against the provision of another 10% of
CPR.
About CPR Pharma Services (www.cprservices.com.au)
CPR is a privately owned, full service Contract Research
Organisation (CRO) specialising in clinical services and laboratory
testing in early phase clinical trials, with 80 highly skilled
technical & operational staff across clinical, data management
and laboratory services. CPR labs are FDA and EMA inspected with
GLP and ISO 17025 accreditations.
As a CRO, it enjoys a close relationship with Phase I clinical
trial sites across Australia, leading to a strong position in S-E
Asia markets with biotech and small-mid sized pharma, as well as a
clientele throughout Asia and the U.S. Based in Adelaide, CPR has
been offering its highly regarded services for over 10 years, with
a turnover of $15 million in FY2017.
About Companion Diagnostics (CDx)
The FDA describes a companion diagnostic as essential for the safe
and effective use of a corresponding drug. Companion diagnostics
can identify patients who are most likely to benefit from a
particular therapeutic product or most likely to be at increased
risk for serious side effects or monitor response to treatment with
a purpose of adjusting treatment to achieve improved safety or
effectiveness. Proteomics International will apply its proven
Promarker discovery platform to this market.
About the Promarker(TM) technology platform
Proteomics International's diagnostics development is made possible
by the company's proprietary Promarker(TM) biomarker discovery
platform, which searches for protein fingerprints' in a sample.
This disruptive technology can identify proteins that distinguish
between people who have a disease and people who do not, using only
a simple blood test. It is a powerful alternative to genetic
testing. PromarkerD, the world's first predictive diagnostic test
for diabetic kidney disease, is already developed and proven.
About Proteomics International Laboratories Ltd (PILL)
www.proteomicsinternational.com
Proteomics International is the trade name for PILL (ASX: PIQ), a
MedTech company focused on proteomics - the industrial scale study
of the structure and function of proteins - and a recognised global
leader in the field. It received the world's first ISO 17025
laboratory accreditation for proteomics services, and operates from
state-of-the-art facilities at QEII Medical Campus in Perth,
Western Australia. The company's business model uses its
proprietary technology platform across the integrated areas of
diagnostics, drug discovery and analytical services. Please see
www.proteomicsinternational.com.
Please contact:
Dr Richard Lipscombe
Managing Director
Proteomics International Laboratories Ltd
T: +61 8 9389 1992
E: enquiries@proteomicsinternational.com
Investor Relations:
Paul Hart
Director
Canary Capital
T: +61 421 051 474
E: phart@canarycapital.com.au
Media Contact:
Susan Fitzpatrick-Napier
Digital Mantra Group
T: +61 2 8218 2144
E: team@dmgpr.com
Source: Proteomics International Laboratories Ltd (PILL)CPR Pharma
Services Pty Ltd
Copyright 2018 ACN Newswire . All rights reserved.
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