BRIEF—Proteonomics buys stake in CPR Pharma

Medtech pioneer Proteomics International has entered into a strategic alliance with fellow Australia-based 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’ 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."

In combination, Proteomics International and CPR can offer a unique, R&D focused, contract research organization (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.