The Proteomics International Laboratories Ltd (ASX: PIQ) share price has jumped firmly into the green today.
Shares in the Australian biotech company surged this morning and jumped 10% from the market open, before retreating back down. At the time of writing, Proteomics shares are trading at $1.08, up 8.04%.
The gains came following readouts from its collaborative study with Janssen Pharmaceuticals.
Let's take a closer look at what this study entailed and what it means for the company's share price.
What is Proteoimcs?
Proteomics is an Australian biotechnology and biological research company.
It has expertise in the domain of "proteomics", which is the study of the structure and function of various proteins. Hence the company name.
The company has patented a diabetes test called PromarkerD that predicts renal function in diabetes.
Drug candidate lowers diabetes test scores
Proteomics announced that its drug candidate canagliflozin reduced PromarkerD risk scores in patients with type-2 diabetes (T2DM).
PromarkerD is a blood test that accurately analyses and predicts renal function for those with T2DM.
It is the only test that can predict with a degree of certainty the onset of a condition known as diabetic kidney disease (DKD).
It, therefore, stands to reason that reductions in PromarkerD scores are an essential component in reducing the risk of DKD.
Proteomics' canagliflozin "was the first diabetes medicine with an indication to slow the progression of DKD" in T2DM in 2019.
The collaborative study confirmed that canagliflozin "significantly lowered PromarkerD risk scores" over a three-year period.
Speaking on the results, Proteomics' managing director Dr Richard Lipsombe said:
Now, for the first time, we are confirming that the [canagliflozin] SGLT2 inhibitor class of diabetes drug is associated with lowering a patient's PromarkerD risk score, and that there is a potential treatment for the at-risk patients identified by the test.
Investors seem to enjoy the company update, as its share price remains 8.04% into the green from market open.
Proteonomics share price snapshot
The Proteomics share price has posted a year to date return of 29%, extending the previous 12 month's return of 138%.
These returns have outpaced the S&P / ASX 200 Index (ASX: XJO)'s return of ~22% over the previous 1-year period.
