TB test boosts Proteome sharesJune 21, 2005 - 12:59PMShares in...

TB test boosts Proteome shares
June 21, 2005 - 12:59PM

Shares in Proteome Systems surged after the Australian biotech said it would fast-track the development of a portable diagnostic test for tuberculosis.

Proteome shares climbed by as much as 17 cents to 33 cents after the company said it had won the backing of the Bill and Melinda Gates Foundation and the World Health Organisation to fast-track the test.

This would be done through a collaborative organisation, The Foundation for Innovative New Diagnostics (FIND).

Proteome has developed the basis for a portable test that can determine if a person is suffering from tuberculosis in just three minutes, compared with conventional tests that take 24 hours to process.

ABN Amro Morgan's biotech analyst Scott Power said the announcement had driven the company's share price higher.

"It's really bounced back from an oversold position on the positive news," he said.

"Bringing the diagnosis back from hours to minutes is significant."

The test is expected to have important benefits, particularly in isolated communities such as in Africa, allowing medical workers to diagnose and treat infected people much more quickly.


Proteome chief executive officer Stephen Porges said the partnership with FIND would provide the critical support to speed the development of the test in addition to clinical material, assistance with clinical trials and fast-tracking of registration, in return for exclusive royalty-free rights to distribute the product in the public health sector in developing countries.

The NSW Government has helped Proteome develop its business and scientific base through its BioFirst biotechnology strategy.

Proteome announced the news at the BIO 2005 biotechnology convention in Philadelphia in the United States.

Proteome shares were 17 cents higher at 33 cents.