After flying 5% higher this morning, it was downhill all the way for the Proteomics International Laboratories Ltd (ASX: PIQ) share price today.
At the market close today, shares in the medical technology company were right back where they started, trading at $1.18. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is 0.02% higher.
Today's price movement comes as the company announced one of its products received ISO certification.
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ISO Certification
In today's release, Proteomics International advised it has received ISO 13485 certification. ISO certification is an independent process that gives assurance a product or service "meets specific requirements".
The company said achieving certification would aid it in commercial discussions going forward with global diagnostic companies. It also believes the certification will "widen" the market for its PromarkerD test and make it easier to achieve regulatory approval around the world.
The PromarkerD test is used for the early detection of chronic kidney disease (CKD) in patients with type-2 diabetes. According to Proteomics, clinical studies showed 86% of patients with type-2 diabetes went on to develop CKD within 4 years.
PromarkerD tests are manufactured in Australia under licence. The company is anticipating demand for the product to boom worldwide. Recognising this, Proteomics says it is in discussions with several manufacturers in the northern hemisphere "with the objective of streamlining the future production".
Proteomics managing director Dr Richard Lipscombe welcomed the progress, saying:
The ISO 13485 manufacturing standard provides the foundation to regulatory requirements for medical diagnostics and has been adopted by markets including the European Union, Australia, Japan, Canada and, most recently, the United States.
Proteomics share price snapshot
The Proteomics share price has increased 280% over the past 12 months and is up 51% year-to-date. At the same time, it has fallen 13% since achieving its all-time high on Monday.
Proteomics International has a market capitalisation of $129.7 million.
