Proteomics tips $1.85 million tax rebate into till

Medical technology company Proteomics International’s finances have received a timely $1.85 million tax rebate boost under the Australian Government’s research and development (R&D) incentive scheme for the 2023 fiscal year.

The company says the significant rebate will help in its bid to commercialise its PromarkerD device – a simple and cost-effective predictive test for diabetic kidney disease­ – and further develop blood tests for endometriosis and oesophageal cancer.

Its successful claim relates to its pioneering developments in predictive diagnostics, which it says have “blue-sky potential” in the next-generation field of medical diagnostic testing using its trademarked Promarker platform. The government scheme encourages companies engaging in research beneficial to Australia by providing a cash rebate of 43.5 per cent for qualifying commercially-related activity.

Proteomics specialises in the industrial-scale study of the structure and function of proteins and says its mission is to improve the quality of lives by the creation and application of innovative tools that enable improved diagnosis and hence, treatment of diseases.

In 2022-23, management spent $4.25 million on R&D and it says that while much of its work is sustained by revenue generated from the provision of sophisticated analytical services, it also enabled it to qualify for the rebate. It says that as its work progresses on commercialising PromarkerD, it is also retaining a strong focus on further developing its other blood tests.

The company’s “PromarkerEndo” targets endometriosis, a disease in which tissue similar to the lining of the uterus grows outside the uterus and can cause severe pelvic pain and may render fertilisation difficult. Its “PromarkerEso” is aimed at oesophageal cancer, which usually begins in the cells that line the inside of the oesophagus and can occur anywhere along its length.

Medical studies have shown that more men than women get oesophageal cancer, with heavy alcohol consumption and smoking, both noted triggers among an entire spectrum of other likely aggravating causes. It is the sixth most common cause of cancer deaths worldwide.

The new generation fields of bio-research are of immense significance to humanity, especially considering constantly changing assaults on our bodies resulting from modern life and its choices that include considerations of diet, stress, congenital disorders and cellular malfunctions from multiple causes.

It means the sort of work being pursued by Proteomics needs and deserves a leg-up and good tax incentive rebates are one way to assist those who engage in it.

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