Interesting read in relation to Protonomics with their announcement today indicating further scientific success with their PromarkerEndo for endometriosis: “……. achieved excellent diagnostic performance across earlier disease stages and a near perfect accuracy in distinguishing severe endometriosis from symptomatic controls”. As laoshi noted the share price went up some 20% today on this announcement.
I have not seen a satisfactory explanation (qualification: explanation enough that would encourage Scoonie to invest in PIQ) as to why their agreement for the Promarker D test for Diabetic Kidney Disease with Sonic in the US did not progress. An exclusive licence for Sonic to distribute in the US was signed on the 10/5/23 - and then dropped by Sonic 16 months later.
The ASX listed Sonic is number 3 in the US pathology market. So you would think would be a great fit for PIQ to market its tests. The arrangement with Sonic was ultimately terminated and at the time of the announcement on the 11/9/24 PIQ stated the following: “PIQ is now free to launch PromarkerD in the US via licensing to alternative pathology laboratories and service providers and/or direct to consumer/ patient (DTC/DTP)”. From an outsider perspective it looks like a case of forsaking the substance to embrace the shadow.
Previously PIQ announced on the 10/5/23 an extension with Apacor to continue the exclusive distributorship of Promarker D in Great Britain, stating: “ Both parties are now workings towards the inclusion of PromarkerD in the NICE Guidelines and engaging with the NHS Supply Chain Tender process as part of the commercial roll-out of the test in the UK”.
Also on the 20/12/23 PIQ signed a licence agreement with a company called Omics to sell the Promarker D in Chile with: “Omics now targeting other markets in Central and South America.”
In the Sept 24 quarterly PIQ had unattributed revenues of just $253k.
Other ASX listed firms in the blood/body fluid cancer diagnostic market have met with little commercial or share price success. These include:
1) Rhythm Biosciences (ASX:RHY) – bowel cancer detection test
Listed in December 17 at 20 cents, reached $1.80 in late 2021 and now shares at around 8 cents.
2) Bcal Diagnostics (ASX: ) -Breast cancer detection test.
Listed in July 2021 for 20 cents now selling for around 9 cents.
3) Pacific Edge (ASX: PEB) – Bladder cancer diagnostics
Listed in Sept 2021 at $1.50 now selling 14 cents.
The only company in this market that seems to have done much good from a share price perspective is Cleo Diagnostics (ASX:COV). They have an ovarian cancer test with US clinical trials underway and a FDA submission planned for CY25. COV listed in late 23 at 20 cents and are now selling for 36 cents.
With all these cancer diagnostics no one denies the need for the tests and all the above companies talk up the obviously huge size of their respective potential cancer diagnosis market/s. Some of the company slide decks are crammed with information on the poor specificity/sensitivity of current tests (if they exist), or tell how awkward current tests are to perform, however seem to have much less detail about their own tests.
All 4 of the above have and are currently mightily struggling to get their tests to commercialisation. I don’t want to take away from what these great Aussie scientists (and Kiwi in the case of PEB) have achieved - and Biotech is hard. However maybe there is a Strawman medical insider out there who can shed some light on just why this on this little corner of the ASX listed biotech space looks like Shipwreck Central.