Proteomics International expands endometriosis collaboration : Promarker®Endo—PIQ’s blood test for diagnosing endometriosis
- Noel Ong
- 9 minutes ago
- 7 min read
Announcement
Proteomics International Limited (ASX: PIQ) has expanded its research agreement with the University of Melbourne and the Royal Women’s Hospital (RWH), a leading centre for endometriosis research. The partnership has two clear streams: (1) additional clinical validation for Promarker®Endo—PIQ’s first-in-class blood test for diagnosing endometriosis, and (2) discovery work toward a tissue-specific, next-generation test using peritoneal fluid to improve disease localisation. The initiative targets a large unmet need, with endometriosis affecting ~1 in 9 women and girls and an average diagnostic delay of ~7 years. Promarker®Endo is slated for Australian launch in H2 CY25.
About the Business of Proteomics International Limited
Focus: Protein-based diagnostics (proteomics). PIQ develops and commercialises blood tests that detect disease risk early. Flagship product Promarker®D predicts diabetic kidney disease risk years before symptoms. Pipeline includes Promarker®Endo (endometriosis) and Promarker®Eso (esophageal adenocarcinoma); the group also earns services revenue from analytical/contract work.
Go-to-market (PromarkerD): Launched in Australia (Mar 2025) and progressing US entry via CLIA lab/LDT route while pursuing FDA clearance; Medicare (CMS) reimbursement pricing is in place in the US.
Recent product step-ups: Next-gen PromarkerD test system released (June 2025); data shows it outperforms conventional tests at predicting kidney decline.
Scale/readiness: FY25 annual report frames 2025 as an inflection toward commercialisation; US launch activity highlighted at major diabetes conference (June 2025).
Highlights - Validation of the Promarker®Endo—PIQ’s first-in-class blood test for diagnosing endometriosis
Collaboration expanded with University of Melbourne & RWH to strengthen clinical evidence for Promarker®Endo and to pursue a next-generation, tissue-specific endometriosis test.
Promarker®Endo: first-in-class blood test validated to diagnose endometriosis—including early-stage disease—targeting Australian launch in H2 CY25.
~300 additional patient samples with rigorous clinical data will be provided to further validate Promarker®Endo and support broader clinical adoption.
Discovery pathway: analysis of peritoneal fluid—in direct contact with lesions—to identify biomarkers that may refine disease location categorisation, potentially beyond what blood alone can reveal.
Major health burden: endometriosis affects ~1 in 9 women/girls; average time to diagnosis ~7 years; annual cost in Australia estimated at A$9.7bn—underlining the value of a non-invasive diagnostic.
Commercial framework: PIQ granted an exclusive licence to commercialise any new IP (jointly owned), with rights to assignment on milestones; an initial 10-year term, renewal option for another 10 years or the life of any new patent; royalties to partners on additional products under the project.
The collaboration
Two-part program:
Clinical validation at scale: Incorporates ~300 well-annotated patient samples to strengthen diagnostic performance data and support medical community adoption.
Tissue-specific discovery: Investigates peritoneal fluid as a richer biomarker source for localising disease (e.g., ovarian, peritoneal, bowel, lung involvement), aiming at a next-generation test that could complement Promarker®Endo.
Why it matters?
(Figure 1)
Diagnostic access & speed: Current “gold-standard” laparoscopy contributes to long delays. A simple blood test can triage earlier, guide referrals, and reduce time to treatment.
Precision in a complex disease: Endometriosis has multiple sub-types and sites. A tissue-specific tool could improve disease characterisation, management planning, and monitoring.
Health economics: With an estimated A$9.7bn annual burden in Australia, earlier non-invasive diagnosis may improve productivity and reduce system costs.
Figure 1: Target Population for Endo (source: PIQ)
Endometriosis is a chronic and often debilitating condition affecting one in nine women and girls of reproductive age worldwide. Endometriosis can cause symptoms such as pelvic pain, painful periods, and infertility. Promarker®Endo is a blood test for the early diagnosis of endometriosis, with existing studies on over 900 individuals showing the test has high diagnostic accuracy.
Leadership commentary
Proteomics International Managing Director Dr. Richard Lipscombe commented:
“This is an important collaboration as we bring PromarkerEndo to market in the coming months. Endometriosis is a complicated disease which affects millions of women and girls globally, and it is essential that our results are validated in multiple studies to add to the body of data on the test's accuracy. Precision medicine necessitates that we aim to give precise diagnoses to patients, and this expanded collaboration also offers us a rare opportunity to build a next-generation test that provides distinct information on the location of the disease within the body, something not thought possible via a blood test until now.”
Professor Peter Rogers, endometriosis researcher and Research Director at the Royal Women’s Hospital, commented:
"A simple, reliable blood test that can detect early-stage endometriosis could transform how we manage this condition. PromarkerEndo has the potential to reduce diagnostic delays and support timely intervention. This collaboration unites deep clinical insight and cutting-edge proteomics technology to address one of the most critical unmet needs in women's health. By combining carefully curated patient information with matched tissue and blood samples, we are enhancing the robustness of biomarker validation. Most exciting is the potential to advance towards a universal blood test that not only diagnoses endometriosis but can also categorise its location in the body."
About the Assets
Promarker®Endo: Blood-based proteomic panel designed to support early and accurate diagnosis of endometriosis; validated in studies covering >900 individuals; Australian launch planned H2 CY25.
Institutional partners: University of Melbourne & RWH bring clinical depth and women’s health leadership to accelerate validation and discovery.
Near-term Milestones to Watch
Read-outs from the ~300-sample validation program.
Product-readiness activities ahead of H2 CY25 launch in Australia (regulatory, clinical engagement, market education).
Early signals from peritoneal-fluid biomarker discovery—scope, feasibility, and development pathway for a tissue-specific test.
How Samso Understand the Investment Memo for Proteomics
Thesis: If PromarkerD adoption accelerates (Australia + US LDTs first, FDA to follow), recurring test revenue can start to dominate PIQ’s mix and de-risk the pipeline.
What they sell: Lab-developed and kit-based blood tests built on proprietary biomarker panels (Promarker® platform); plus fee-for-service proteomics.
Market: Type 2 diabetes patients at risk of DKD (large, growing cohort); early prediction can change therapy earlier and lower costs—key for payer uptake (supported by US CMS pricing).
Samso Concluding Comments
There is a kind of similarity to developing early stage mineral exploration projects in the journey of PIQ as it is trying to create more evidence while opening a pathway to a second act in women’s health diagnostics. Sometimes, the timing for success is often forgotten as more successful projects are being highlighted in the ASX.
There has been a steady flow of ASX releases since our first coverage of PIQ which started on June 6th 2025 (A Blood Test Revolution in Women’s Health – PromarkerEndo’s Clinical Leap Forward on Endometriosis.) and it is good to see that the market is now digesting its path (Figure 2). With a market capitalisation of just under AUD $53M, we think that there is substance in this story.
Figure 2: The PIQ share price chart as of 4th November 2025. There is a certain feel of DeJa vu for the shareholders as the market is not championing the business model and almost reverting to its share price levels in 2020. (source: commsec)
The expanded collaboration in this announcement does create some confidence for the Promarker®Endo’s clinical case with ~300 additional, well-annotated samples, which is what clinicians and payers will want to see.
As the story develops, the near-term value would most likely lie in reducing the time to diagnosis with a non-invasive blood test. This will create the strategic upside as a tissue-specific tool that could help characterise where disease sits—an angle that may sharpen treatment planning beyond simple case finding.
Commercially, the licence settings look practical—exclusive rights over jointly developed IP, milestone-linked assignment options, and a 10-year term with renewal—all standard levers that support productisation if the science holds.
As always, the proof will be in the validation data, and how everything progress towards the H2 CY25 Australian launch, and early feasibility signals from the peritoneal-fluid discovery stream. As always, DYOR.
The Samso Way – Seek the Research
Read the primary documents, check the data, and build your own conviction—DYOR.
Our mission is simple: cut through the noise and spotlight what matters—genuine stories, grounded insights, and real opportunity.
Our content is well-researched and is only created if the team sees a merit in discussing the company or concept. Investors can explore our three core platforms:
There may be numerous paths to success in investing, but the common thread among successful individuals is that they remain committed to making informed decisions. Equip yourself with the right knowledge and tools, and you will be well on your way to achieving your financial goals.
Most importantly, investors need to be absolutely diligent in understanding their own risk-reward tolerance and capabilities. Never bite off more than you can chew. As they say, Rome wasn’t built in a day, and the Great Wall stood because it took centuries to complete.
The Samso Philosophy:
Stay curious. Stay sharp. And remember—digging deeper always uncovers the real value.
In Life, there is no such thing as a Free Lunch.
Happy Investing, and the only four-letter word you need to know is DYOR.
To support our independent nature of our work, please head over to our Support Page and give us a helping hand in any of the ways listed. This is a new initiate for the Samso Platform, and it was always the concept of Samso when we started this journey in 2018.
Disclaimer
The information or opinions provided herein do not constitute investment advice, an offer or solicitation to subscribe for, purchase or sell the investment product(s) mentioned herein. It does not take into consideration, nor have any regard to your specific investment objectives, financial situation, risk profile, tax position and particular, or unique needs and constraints.
Share to Grow: Your Bonus
Samso has just released an eBook: How to Add Value to your Share Portfolio
A lesson on geological models sought by mining companies that gives insight and an understanding of which portfolios are better - and potentially more lucrative – investments. Click here to download this eBook.
If you find this article informative and useful, please help me share the information. I try and write about topics that are interesting and have the potential to be of investment value. It is not easy to find stories that fit those parameters. If you or your organisation see the benefit of what Samso is trying to achieve and have a need to share your journey, please contact me at noel.ong@samso.com.au.
Samso is a trusted platform that equips dedicated investors with up-to-date industry knowledge and insights from top CEOs and thought leaders. By staying informed on business advancements and market trends, investors can enhance their financial decisions through a combination of expert guidance and their own research.
Comments