Life science company Proteomics International Laboratories (ASX: PIQ) has had its Australian patent for its Diagnostic Test for the diagnosis of Diabetic Kidney Disease has been accepted by IP Australia.
This is an important milestone in the development and commercialisation of PIQ’s Diagnostic Test for the early diagnosis of kidney disease.
The market opportunity potential medical benefits and cost savings from PIQ’s diagnostic test are significant.
Treating end stage kidney disease with dialysis will cost $12 billion every year in Australia by 2020.
Considering in the U.S., nearly 10% of the population have diabetes, and 35% of adults with diabetes develop chronic kidney disease and 20% end up with kidney failure.
In Australia, diabetes in the fastest growing chronic disease with a total of 1.1 million with either Type 1 or Type 2 diabetes, and around 100,000 new cases reported each year.
The total cost to the health system and in productivity loss is estimated at $10.3 billion annually. A large proportion of these cases (up to 60%) may be prevented by early diagnoses.
The ability to accurately detect the early onset of Diabetic Kidney Disease via a simple blood test and then prescribe appropriate medicine to prevent the condition progressing to dialysis or kidney transplant has the potential to save health care systems globally $100's of millions annually.
Patent steps
The company has received a Notice of Acceptance from IP Australia for its Australian Patent Application 2011305050 entitled, “Biomarkers associated with pre-diabetes, diabetes and diabetes related conditions”.
The patent is due to grant in August and will be valid until September 2031.
China potential
The company already has an Agreement with Chinese biopharmaceutical company, New Summit Biopharma Co., to commercialise the test in the massive Chinese market, where diabetes is also a major, and growing, health issue.
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