Targeting New Diagnostic Tests and Improved Drug Development
PERTH, W. AUSTRALIA — MedTech pioneer Proteomics International (PILL; ASX: PIQ) has entered into a strategic alliance with CPR Pharma Services (CPR), targeting the high growth area of clinical trials and related research, with an offer to acquire 10% of CPR’s share capital through the issue of 4 million PIQ shares.
This alliance will see Proteomics International applying its Promarker discovery platform to formulate a new series of predictive diagnostics and analytical services capabilities in compliment to CPR’s position as an APAC-based leader in the provision of clinical services and laboratory testing in clinical trials.
Dr Richard Lipscombe, Proteomics International Managing Director said, “This alliance with CPR Pharma Services presents a fantastic opportunity to expand our diagnostics portfolio, and increase revenues substantially. We see this alliance as adding significant new value to our already successful Promarker technology.”
Strategic Rationale
In combination, Proteomics International and CPR can offer a unique, R&D focused, Contract Research Organisation (CRO) capability specialising in companion diagnostics and clinical trials, with new Promarker companion diagnostic tests – which could save biopharma companies millions of research dollars and help bring treatments to market faster.
The alliance will offer regional and local project management, certified bioanalysis, trial monitoring, data management and biostatistical services, analytical platforms of mass spectrometry and immunoassay for small and large molecules, sample storage and stability testing, and development of new methods and diagnostic tests.
The strategic alliance with CPR builds upon Proteomics International’s partnership with Linear Clinical Research Ltd (ASX: 15 Nov 2016), a specialist clinical trials site.
Offer Details
In consideration for 10% of the fully diluted issued share capital of CPR, Proteomics International Laboratories Ltd will issue four million (4,000,000) fully paid ordinary PIQ shares. The deemed issue price will be the 30 day VWAP per share, and shares will be subject to a 12-month escrow period.
Completion of the acquisition of shares in CPR is subject to receiving CPR shareholder approval by 28 Feb 2018. The transaction is due to complete 5 March 2018.
By mutual agreement Proteomics International Laboratories Ltd and CPR may elect to undertake a secondary share swap of four million (4,000,000) PIQ shares against the provision of another 10% of CPR.