Proteomics Investors Face 'Considerable Unknowns' After Kidney Diagnostics License Canceled, Says Euroz Hartleys
Proteomics International Laboratories (ASX:PIQ) investors are left with "considerable unknowns" after the medical technology business terminated its exclusive license with Sonic Healthcare USA for its PromarkerD kidney disease diagnostic tool, according to a Wednesday note from Euroz Hartleys.
The license was canceled after certain milestones were not met, with the US launch now slated for 2025, targeting alternative pathology labs and service providers, and direct to consumers and patients.
While Proteomics has partners for Europe and other territories for PromarkerD, not commercializing in the US healthcare market, the world's largest, has lost potentially 32 million patients and potential users of the test, the investment firm said.
Euroz Hartleys downgraded Proteomics to hold from speculative buy and lowered the price target to AU$0.73 price target from AU$1.10 on increased uncertainties around the commercialization of PromarkerD in the US.
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