The Proteomics International Laboratories Ltd (ASX: PIQ) share price won’t be going anywhere today.
Shares in the biotech company were placed in a trading halt late yesterday.
Let’s take a look at why the company’s shares are at a halt and what it means for the Proteomics share price.
Proteomics share price halted on conference abstract
Securities in Proteomics were placed in a trading halt yesterday at the request of the company.
In a news release, the company noted that a trading halt was requested pending the release of the conference abstract.
Proteomics highlighted that the abstract outlines key findings from its second stage collaborative study to target treatment of diabetic kidney disease (DKD).
The abstract will be jointly presented by Janssen Research and Proteomics at the Australasian Diabetes Congress in mid-August.
Proteomics noted that the trading halt will remain until either a new announcement or until the commencement of trading on Friday, 16 July.
The Proteomics share price was last trading at 99.5 cents before entering a trading halt.
Snapshot of the Proteomics share price
Proteomics is a medical technology company that operates in predictive diagnostics and bioanalytical services. The company specialises in the area of proteomics which relates to the structure and function of proteins.
Proteomics’ business model revolves around the commercialisation of its flagship PromarkerD product. PromarkerD functions by using a blood test to detect early onset of DKD in patients with type 2 diabetes. According to Proteomics, early detection is key in reducing the need for expensive treatment at later stages of the disease.
In previous clinical trials, it was reported that PromarkerD had 86% accuracy in predicting the number of patients that would develop CKD.
Proteomics also uses its Promarker technology platform to create a pipeline of novel diagnostic tests. The company recently received ISO 13485 certification which provides the foundation for manufacturing requirements.
The Proteomics share price has performed strongly in 2021, trading more than 26% higher since the start of the year. On a 52-week timeline, the Proteomics share price is more than 112% higher.