2024
ACN 169 979 971
ASX: PIQ
Proteomics International
LA BO R ATO R I E S LT D
PILL
Annual
Report
2024
Contents
FROM THE CHAIR
2
KEY ACHIEVEMENTS
3
WINDOW ON THE SCIENCE – Precision Medicine and Proteomics
4
TECHNOLOGY SNAPSHOT – Women’s Health, Endometriosis and Digital Health
6
DIRECTORS’ REPORT
8
REVIEW OF OPERATIONS – Enabling Precision Medicine
9
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
32
BOARD OF DIRECTORS AND OPERATIONAL TEAM
35
MATERIAL BUSINESS RISKS
38
REMUNERATION REPORT
40
AUDITOR’S INDEPENDENCE DECLARATION
50
FINANCIAL STATEMENTS
51
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Consolidated Statement of Financial Position
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flow
Notes to the Consolidated Financial Statements
DIRECTORS’ DECLARATION
77
INDEPENDENT AUDITOR’S REPORT
78
SHAREHOLDER INFORMATION
83
Proteomics International Laboratories Ltd
1
Proteomics International Laboratories Ltd
PILL
Proteomics International
ID ENT IT Y
Proteomics International is a medical technology company
specialising in predictive diagnostics and advanced
analytical services using proteomics - the industrial scale
study of the structure and function of proteins.
MISSION
To improve the quality of lives by the creation and
application of innovative tools that enable the improved
treatment of disease.
V ISIO N
To help create a world where disease is detected early
and cured simply.
2
3
From the Chair
Dear Shareholders,
I am pleased to present Proteomics International's annual report on behalf of the Board, featuring key
activities and achievements for the year ended 30 June 2024.
During the 2024 financial year our suite of diagnostic tests - PromarkerD, PromarkerEndo, PromarkerEso, and
OxiDx - have advanced through pivotal stages in their development and commercialisation.
In France, Eurobio Scientific, a leading in vitro diagnostics distributor, has been appointed to sell PromarkerD,
our breakthrough predictive test for diabetic kidney disease. Meanwhile, our European expansion efforts are
supported by Growth Medics B.V., who will recruit and manage partners and customers throughout the region.
In the U.S., a significant milestone was achieved with Medicare’s confirmation of a reimbursement price of
US$390.75 for PromarkerD.
Our PromarkerEndo test for endometriosis also achieved new milestones. We signed an agreement with the
University of Oxford to analyse 600 clinical samples, enabling an international validation study. The latest
clinical results show great promise, with our diagnostic biomarkers successfully validated in an independent
patient group, solidifying PromarkerEndo’s potential to meet a critical unmet need.
PromarkerEso, our blood test for oesophageal cancer, continues to gain international recognition. Recent
results bring us closer to offering a vital new diagnostic tool for early cancer detection.
Our OxiDx technology for detecting oxidative stress also progressed having expanded its intellectual property
portfolio, with new patents granted in Japan and Europe.
On the corporate front we were delighted with the successful completion of the A$6.5 million institutional
placement. We are also well advanced in our plans to add the necessary capabilities and experience to your
Board and Senior Management team to accelerate and enhance the transition to full commercialisation.
While we may encounter short term challenges from time to time, we will continue to push boundaries in
predictive diagnostics and precision medicine and remain committed to delivering strong results for our
shareholders and improving patient outcomes worldwide.
I would like to recognise the entire Proteomics International team and our advisors for their dedication to
the success of the Company.
Finally, I would like to thank you, our valued shareholders, for your continued support and investment.
Yours sincerely,
Neville Gardiner
Chair, Proteomics International
PromarkerEndo - Endometriosis
• Agreement with University of Oxford to further validate
PromarkerEndo test for endometriosis
Proteomics International signs Material Transfer Agreement
with the University of Oxford to acquire 600 clinical samples
for its endometriosis study
• Latest results validate biomarkers for PromarkerEndo
blood test for endometriosis
Proteomics International’s novel PromarkerEndo blood test
for endometriosis advanced with the biomarker panel
clinically validated in an independent patient group. Latest
results were presented at the 29th Annual Lorne Proteomics
Symposium, Victoria, Australia
OxiDx (2-tag) - Oxidative Stress
• OxiDx significantly expands IP coverage with new patents
First of a new family of patents for the OxiDx technology has been granted in Japan and in Europe. These patents greatly expand
the intellectual property protection coverage of the OxiDx technology and this unique diagnostic test to detect oxidative stress
Key Achievements
PromarkerEso - Esophageal Cancer
• New oesophageal cancer test presented at global
conference
Proteomics International’s novel PromarkerEso blood test
showed strong discrimination of oesophageal cancer. Latest
results were presented at the 19th ISDE World Congress for
Esophageal Diseases in Toronto, Canada
• Latest results validate biomarkers for PromarkerEso
blood test for oesophageal adenocarcinoma
Proteomics International’s PromarkerEso blood test for
oesophageal adenocarcinoma advances with biomarker
panel clinically validated in second independent patient
group. Latest results presented at the 29th Annual Lorne
Proteomics Symposium, Victoria, Australia
Corporate
• Institutional Placement raised A$6.5 million
Share placement to new and existing institutional investors
added global reach to the Company’s share register
• ISO 13485 (manufacturing) certification retained
Proteomics International achieves ISO 13485 recertification,
valid for three years, an internationally recognised standard
for safety and quality management systems in the
manufacture of medical devices
PromarkerD - Diabetic Kidney Disease
• Eurobio Scientific to sell PromarkerD predictive test for
diabetic kidney disease in France
Leading in vitro diagnostics distributor Eurobio Scientific
appointed for France
• Sales agency Growth Medics appointed to further
European expansion
Medical devices accelerator Growth Medics B.V to recruit
and manage new partners and customers for PromarkerD in
Europe
• US Medicare confirms reimbursement price for
PromarkerD
The US Centres for Medicare & Medicaid Services (CMS) have
confirmed the payment rate for the PromarkerD predictive
test for diabetic kidney disease of US$390.75 in the United
States
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Window on the Science - Precision Medicine and Proteomics
What is precision medicine?
Most medical treatments use the one-size-fits-all approach, meaning these treatments may not be effective
for everyone - precision medicine offers an alternative approach.
The Federal Drug Administration (FDA) defines it as a healthcare approach that tailors disease prevention
and treatment by considering differences in genes, environments and lifestyles. The goal of precision
medicine is to personalise patient care, ensuring that the treatment chosen is optimal for each patient’s
unique circumstances.
Precision medicine and proteomics
Proteomics is improving precision medicine. Proteomics can
be used to find protein biomarkers – ‘fingerprints’ in the body
indicating disease presence. Scientists can identify biomarkers
with diagnostic potential and develop new disease-specific
tests.
Proteomics also allows scientists to identify if protein
biomarker concentrations change during drug treatments. By
understanding these biomarkers, researchers can understand
the effectiveness of drugs and develop therapies that are
targeted to individual patients, enhancing treatment
outcomes and minimising adverse effects. This personalised
approach, which matches therapies to each patient’s unique
biological protein fingerprint, represents a significant
advancement in both drug discovery and precision medicine.
Proteomics International’s role in precision medicine
There is a diabetic kidney disease (DKD) health crisis as rates rise across Australia, with 1 in 20 hospitalisations
being a type 2 diabetes patient undergoing dialysis – worse, kidney failure rates are expected to rise by 45%
by 2040. Similar consequences are being seen worldwide.
Existing standard-of-care tests cannot predict DKD onset until it is already present, resulting in less effective
therapeutic treatments and additional complications. The most effective strategy to reduce DKD’s burden is
to delay or prevent it.
Proteomics International has a solution – PromarkerD: a
protein-based diagnostic blood test to predict DKD onset up
to 4 years before clinical symptoms appear, by categorising
patients into ‘risk profiles.’ This allows for earlier detection
and clinical intervention.
PromarkerD was used in a clinical study – ‘Canagliflozin Attenuates PromarkerD Diabetic Kidney Disease
Prediction Scores’ – to determine the effect of this SGLT2-inhibitor class drug on PromarkerD risk scores as a
DKD treatment.
The study found that early treatment intervention
resulted in a reduction in PromarkerD scores in high-risk
patients – hence demonstrating Canagliflozin’s clinical
utility in reducing the risk of kidney function decline in
patients classified as high-risk of developing chronic
kidney disease.
With the PromarkerD prognostic test and effective treatment options, doctors now have the tools
necessary to improve disease outcomes and tailor a treatment strategy to find one that works for
each diabetes patient.
Similarly, Proteomics International is developing diagnostic blood tests for endometriosis (PromarkerEndo)
and esophageal cancer (PromarkerEso). These novel tests can allow for earlier intervention such as enabling
earlier treatment, lifestyle changes, and risk factor avoidance. Combined with personalised treatment, more
effective interventions can be used to improve patient outcomes.
As more therapeutic drugs become available, proteomic tests can act as companion diagnostic tests
to provide essential information to doctors for making informed treatment decisions and initiating
appropriate actions even before the onset of disease.
This proactive approach not only enhances the efficacy of treatments but also potentially reduces the adverse
effects, thereby optimising patient outcomes and contributing to the evolution of precision medicine.
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5
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Diabetes affects
adults globally. Of these, 1 in 3
adults currently have DKD
1 in 10
Chronic Kidney disease is
typically asymptomatic.
Kidney function can fall
below before
symptoms appear and kidney
damage is already present
15-20%
Source:
FDA Medical Devices: Precision Medicine 2018
Diabetes Australia 2023: Change the Future: Saving Lives By Better Detecting Diabetes-
related kidney disease
International Diabetes Federation (IDF) Atlas 10th Edition 2021.
Centres for Disease Control and Prevention. Chronic Kidney Disease in the United States,
2019. Atlanta, GA: US Department of Health and Human Services. Centres for Disease
Control and Prevention; 2019.
High-risk patients can be
prescribed renal-
protective medications
Low-risk patients can
avoid aggressive
treatment options
Monitor treatment
response to identify need to
change drug dosage or type
Using Precision
Medicine Approach
Protein biomarkers of patient
Personalised therapeutic treatment
formulated for each person
Treatment effective
Treatment effective
Treatment ineffective
Physician prescribes
Physician prescribes
Same therapeutic treatment
Not Using Precision
Medicine Approach
6
7
Technology Snapshot -
Women’s Health, Endometriosis and Digital Health
Growth in the Women’s Health Market
Historically, women’s health has been under-researched and
under-funded, leading to limited understanding, less effective
treatments, and worse care delivery. On average, a woman will
spend nine years in poor health – affecting her quality of life.
The women’s health sector has shown a growth trend, attributed
to increased awareness programs, geriatric female population,
female-specific therapeutic product advancements, and
government policies.
The global women’s health market size was valued at US$44 billion in 2023 and is expected to grow to US$63
billion, at a compound annual growth rate of 5.7% from 2024 to 2030.
Endometriosis sector growth and advancements in digital health
The growth of the women’s health market is reflected in increased focus on female-centric diseases such as
endometriosis. The global market for endometriosis was valued at $1.2 billion in 2021 and is projected to reach
$3.9 billion by 2031.
Despite endometriosis affecting 1 in 9 women and girls, it is often dismissed, and females can suffer chronic
pain, infertility, and fatigue, amongst other symptoms. However, acknowledgement and momentum for
change is starting to build.
Government policies have supported growth, including Australia’s plan to prioritise endometriosis awareness
and education through awareness campaigns, early education, and accessible information for health
professionals and the public. In February 2024, the Australian Therapeutic Goods Administration (TGA)
approved Ryeqo as the first new drug treatment for endometriosis in 13 years.
Across the healthcare sector, the rising awareness and focus on women’s health and endometriosis has driven
growth in the digital health market, promoting more precision healthcare approaches for patients.
In women’s health, tools and services such as endometriosis-related apps and hybrid healthcare models are
becoming more conventional and integrated in women’s health – further personalising healthcare for females.
Digital technology methods can capture physiological signals, self-perception of symptoms, and flares and
variability. Physicians can then work with patients to formulate, personalise, and evaluate treatment strategies
such as lifestyle changes, holistic care, prescribed medications, and others.
The hybrid healthcare model is personalised, preventative and integrated into consumer lives – combining
in-person and virtual patient visits. It targets patients with ongoing health issues through in-person or
telehealth consultations, at-home testing and machine learning-driven virtual health coaching. Telehealth
allows for frictionless access to telemedicine and can rapidly progress a patient’s diagnosis status to
management and treatment stages – saving patient time and healthcare costs.
With the growing recognition of women’s health issues, including endometriosis, along with
increased awareness, education, a new treatment option, and the expanding presence of digital
health services and products, Proteomics International’s test for diagnosing endometriosis comes
at a pivotal time.
PromarkerEndo: A game-changer in endometriosis diagnosis
With diagnosis taking on average 7 years and the
current gold standard of diagnosis being an invasive
surgical procedure that relies on specialised doctors,
PromarkerEndo, is a simple blood test for
endometriosis that can enable earlier and improved
diagnosis – giving patients access to tailored
management and treatment options sooner.
The test could be a game-changer for patients and
clinicians, and become the world’s first blood test for
endometriosis.
The test assesses the presence of endometriosis in
patients, promoting earlier detection and intervention,
and improved patient outcomes. By pairing the test
with precision medicine, PromarkerEndo presents an
exciting frontier for endometriosis management,
opening new horizons for developing personalised
treatment options and further cementing the
precision medicine approach.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Source:
McKinsey Health Institute: Closing the Women’s Health Gap, January 2024
Grand View Research: Women’s Health Market Size & Share, Growth Report 2030
Allied Market Research: Endometriosis Marget Size & Share | Statistics Report – 2031, Dec 2022
Endometriosis Australia, 2023
Australian Government Department of Health: National Action Plan For Endometriosis 2018
ABC News, Widia Jalal: A new drug has been approved for endometriosis treatment in Australia. Here’s what we know about it., March 2024
8
9
Directors’ Report
The Directors present their report on Proteomics International Laboratories Ltd (ASX:PIQ; Proteomics International or
the Company) and the consolidated entity (referred to hereafter as the Group) for the year ended 30 June 2024.
DIRECTORS
The Directors of the Company in office during the financial year and until the date of this report are as follows:
Mr Neville Gardiner (Non-Executive Chairman) (Appointed 16 November 2021)
Dr Richard Lipscombe (Managing Director) (Appointed 9 June 2014)
Dr Robyn Elliott (Non-Executive Director) (Appointed 16 November 2021, Resigned 12 August 2024)
Mr Paul House (Non-Executive Director) (Appointed 22 November 2017)
Mr Roger Moore (Non-Executive Director) (Appointed 14 October 2016)
OPERATING RESULT
To be read in conjunction with the attached Consolidated Financial Report (Refer to page 51).
The operating result for the year was:
CONSOLIDATED
Change
2024
2023
Loss before income tax
4%
$6,481,813
$6,234,310
Loss for the year
4%
$6,481,813
$6,234,310
Comprising
Revenue and Other income
7%
$3,566,018
$3,320,862
Expenses
5%
$10,047,831
$9,555,172
The Group's financial report for the year ended 30 June 2024 includes:
• Revenue from ordinary activities encapsulates income from analytical services and Grant Income including
the R&D incentive, totalled $3,566,018.
• Operational Expenditure increased by 5% to $10,047,831, and focused on the commercialisation and
production of the PromarkerD test and expansion of the PromarkerTM diagnostics pipeline.
• The loss from ordinary activities increased by 4% to $6,481,813, which reflects normal operational costs and
non-cash items.
• The net cash outflow from operating activities decreased by 2% to $5,593,147.
• At 30 June 2024, the Company had cash and cash equivalents of $6,640,244.
• On the back of the Company’s research and development activities, it anticipates an R&D Tax Incentive cash
rebate of $2,156,377 to be received in the December quarter of 2024.
DIVIDENDS
No dividend was paid during the year and the Board has not recommended the payment of a dividend.
ISSUED CAPITAL
130,892,616 fully paid ordinary shares (ASX: PIQ), 3,940,000 unlisted options and 276,874 unlisted performance rights
were on issue as at 30 June 2024.
ANNUAL GENERAL MEETING
Proteomics International advises that its 2024 annual general meeting (AGM) is scheduled to be held on 1 November
2024. The Company encourages shareholders to attend the AGM and receive an update on the strategy and initiatives
of the Group.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Principal activities
Proteomics International Laboratories Ltd (ASX:PIQ) is a pioneering medical technology company operating at
the forefront of predictive diagnostics and bio-analytical services. Founded in 2001, the Company specialises
in proteomics – the industrial scale study of the structure and function of proteins.
Proteomics International’s mission is to improve the quality of lives by the creation and application of innovative
tools that enable the improved treatment of disease.
Proteomics International is a wholly-owned subsidiary and trading name of Proteomics International
Laboratories Ltd (PILL; ASX: PIQ), and operates from state-of-the-art facilities located on the QEII Medical
Campus, Perth, Western Australia.
Proteomics International’s business model is to bring its pipeline of novel diagnostic tests, exemplified by
PromarkerD, PromarkerEndo, PromarkerEso and OxiDx, to major markets across the world, and offset the cash
burn from R&D and product development through its analytical services revenue, coupled with the R&D tax
incentive rebate. This diversified model enables the group to make optimum use of its resources.
Proteomics International’s activities have evolved during FY24 and now fall into three strategic areas:
1. Commercialisation of our precision diagnostic pipeline: We are progressing our suite of tests
towards full market adoption.
2. Precision diagnostic tests in development: New tests are under development, aiming to solve
unmet medical needs.
3. Specialist accredited analytical services: We are offering cutting-edge accredited services on a
commercial scale.
Review of Operations - Enabling Precision Medicine
A growth cycle driven by the Company’s strengths
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10
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Precision Diagnostics
Proteomics International is at the forefront of predictive diagnostics and precision
medicine. The Company now has a suite of diagnostic tests at the commercialisation
and pre-commercialisation stage, with the PromarkerD, PromarkerEndo, PromarkerEso
and OxiDx tests each at pivotal points in their advancement.
Go-to-Market pathways for the Company's suite of novel diagnostic tests
PromarkerD is a cutting-edge diagnostic test specifically designed to predict the risk of
diabetic kidney disease (DKD) in individuals with diabetes. It provides a significant
advancement in diabetes management by enabling early detection and intervention,
which are crucial for preventing or delaying the progression of this serious complication
to end stage renal disease (dialysis or kidney transplant).
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Problem & Solution
PromarkerD - Diabetic Kidney Disease
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Source: International Diabetes Federation (IDF) Atlas 9th Edition 2021. US Renal Data System 2020
The PromarkerD assay
LEFT: PromarkerD assay running on a high-throughput
robotic platform in Proteomics International's ISO 17025
and ISO 13485 certified Perth laboratory. Over 11,000
samples have been analysed in CY24 to provide new and
updated clinical data on the performance of the predictive
test. This expanded dataset will be invaluable for
additional new regulatory applications.
RIGHT: PromarkerD kit for testing 80 patients. The
PromarkerD immunoassay measures three proteins found
in plasma. These results are uploaded to the PromarkerD
cloud-based Hub which combines them with three simple
clinical factors (patient age, eGFR & HDL-cholesterol) to
calculate a patient's risk score for developing diabetic
kidney disease. The assay is manufactured to ISO 13485
international standard in Europe.
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Proteomics International develops novel precision health
and predictive diagnostic tests using its proprietary
biomarker discovery platform called Promarker™. This
disruptive technology searches for protein ‘fingerprints’ in
a sample and can identify protein biomarkers that
distinguish between people who have a disease and
people who do not, using only a simple blood test. It is a
powerful alternative to genetic testing. The technology is
so versatile it can be used to identify fingerprints from any
biological source, from wheat seeds to human plasma. The
Promarker™ platform technology has broad applicability
and is being used to produce multiple new diagnostic tests
to address significant unmet medical and commercial
needs. The global biomarkers market is expected to exceed
USD 194 billion by 20301 .
Experience gained from the commercialisation of
PromarkerD has provided the Company with invaluable
knowledge
and
experience
to
accelerate
the
commercialisation of its suite of diagnostic tests. Advances
in digital health and direct-to-consumer healthcare, driven
by essential changes in medical practice due to the global
pandemic and evolution of social and digital media [see
Technology Snapshot], are transforming previously
expensive and low volume routes to market for diagnostic
testing into cost-effective and exciting opportunities for
commercialisation. To achieve early revenue the Company
is targeting multiple Go-to-Market strategies, as shown
below.
1 Grand View Research 2024: Biomarkers Market Size
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
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PromarkerD - Diabetic Kidney Disease
About PromarkerD
Diabetic kidney disease (DKD) is a serious complication arising from
diabetes that, if unchecked, can lead to dialysis or kidney transplant.
PromarkerD is a prognostic test that can predict future kidney
function decline in patients with type 2 diabetes and no existing
DKD. The patented PromarkerD test system uses a simple blood test
to detect a unique ‘fingerprint’ of the early onset of the disease. In
published clinical studies, PromarkerD correctly predicted which
otherwise healthy patients with diabetes went on to develop
diabetic kidney disease within four years.
Further information is available through the PromarkerD web portal: www.PromarkerD.com
PromarkerD Global Rollout: Key Highlights
PromarkerD - Partnering Activities
Proteomics International continues to target the global roll-out of PromarkerD
across multiple regions.
LDT - Laboratory developed test; CMS - Centers for Medicare & Medicaid Services. * Life of Patents (20 Sep 2031)
Territory Partner Agreement Type Technology Status Term Notes
Partners 30 Jun 2024
France EuroBio Distribution Immunoassay Kit Pre- 2024 - 2029 Exclusive distributor in
3.9m Type 2 Scientific [Exclusive] launch France under a sub-distribution
diabetics agreement with Apacor (UK).
Proteomics International to
receive payment for each
PromarkerD kit sold.
[ASX: 24 June 2024]
Belgium, Growth Sales partner Immunoassay Kit Active 2024 - 2026 Sales agency engaged to find,
Netherlands, Medics [Exclusive] develop and manage distribution
Spain & Italy partners and customers.
61m Type 2 [ASX: 17 June 2024]
diabetics
(in Europe)
Chile Omics Technology Innovatio ND2 Pre- 2023 -2031* Test registered with
1.7m Type 2 Global Licence (developed own launch Ministry of Health.
diabetics Solutions [Exclusive] Immuno-assay) [ASX: 20 December 2023]
United States Sonic Licence Immunoassay LDT Pre- 2023 - 2028 For use and commercialisation
32m Type 2 Healthcare [Exclusive] launch of PromarkerD test in the US
diabetics USA (excluding Puerto Rico).
Secured unique CPT Proprietary
Laboratory Analysis (PLA) code
and CMS reimbursement of
US $390.75 per test.
[ASX: 10 May 2023]
United Kingdom Apacor Distribution Immunoassay Kit Pre- 2021 - 2028 Test registered with UK Medicines
4.8m Type 2 Limited [Exclusive] launch & Healthcare products Regulatory
diabetics Agency. NICE MedTech Innovation
Briefing “NICE Advice” published.
[ASX: 15 February 2023]
Dominican Omics Technology Innovatio ND2 Launched 2016 - 2031* Test registered with Ministry of
Republic & Global Licence (developed own Health. First sales commenced.
Puerto Rico Solutions [Exclusive] Immuno-assay) Securing public reimbursement
1.3m Type 2 (Puerto Rico linked to CMS pricing).
diabetics [ASX: 18 August 2016]
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Reimbursement in the US
US Medicare sets reimbursement price for
PromarkerD
In November 2023, the US Centers for Medicare & Medicaid
Services (CMS) published its final determination of the
national reimbursement price in the United States for the
PromarkerD predictive test for diabetic kidney disease.
CMS is a federal agency that provides health coverage to
more than 100 million Americans through Medicare and
Medicaid. The reimbursement rate set by CMS applies to
all patients accessing government-funded healthcare in
the United States.
CMS is the single largest payer for health care in the United
States, with Medicare and Medicaid collectively
responsible for 42 per cent10 of healthcare spending. Many
private payers also follow CMS pricing. CMS assigned a
payment rate of US$390.75 for PromarkerD [ASX: 29
September]. The rate became effective on 1 January 2024.
Launch of PromarkerD in the USA
In March 2024, Proteomics International advised of a delay
in the launch of PromarkerD in the USA. Sonic Healthcare
USA has an exclusive licence for the use and
commercialisation of PromarkerD in the United States [ASX:
10 May 2023]. Under the licence agreement there are
timelines
for
key
events
to
be
achieved
for
commercialisation to occur. Proteomics International is now
targeting a US launch in FY25.
10 www.kff.org/mental-health/issue-brief/10-things-to-know-about-medicaid/
Source:
diabetesatlas.org/idfawp/resource-files/2021/11/IDF-Atlas-Factsheet-2021_EUR.pdf
globalizationandhealth.biomedcentral.com/articles/10.1186/1744-8603-10-6
International Diabetes Federation Diabetes Atlas 10th edition, 2021
16
17
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
PromarkerD predicts future Chronic Kidney
Disease in Type 2 Diabetics
Head of Clinical Studies, Dr Kirsten Peters presented
Identification of biomarkers associated with CKD, and the
development of PromarkerD, a screening test to predict future
CKD in T2D at the Australasian Diabetes Congress (ADC),
Adelaide, August 2023.
Economic Health benefit of PromarkerD
Head of Clinical Studies, Dr Kirsten Peters presented at
Kidney Week 2023 on the Earlier Intervention in Diabetic
Kidney Disease Management using the In Vitro Diagnostic Test
PromarkerD shows Economic Health Benefits over Current
Standard of Care. The annual meeting of the American
Society of Nephrology (ASN), Philadelphia, USA, November
2023.
Diabetes Professional Care
Proteomics International with PromarkerD distributor,
Apacor Limited, sponsored an insightful panel discussion
and Q&A session at the Diabetes Professional Care 2023
Conference. The Panel included experts in diabetes and
chronic kidney disease and discussed how the PromarkerD
test can help kidneys remain healthier for longer, saving
healthcare systems millions of pounds and improving
quality of life for patients. Olympia, London, November 2023.
Maintaining Kidney health and preventing CKD
Managing Director, Dr Richard Lipscombe represented the
Company at an invitation only forum to discuss maintaining
kidney health and preventing CKD at the KDIGO (Kidney
Disease: Improving Global Outcomes) Controversies
Conference in Rome, Italy, November – December 2023.
PromarkerD - Clinical Studies and Presentations
PromarkerD - Sector related developments
Companion or Complementary Diagnostics (CDx) are biomarkers that can be used
to determine the suitability of drug treatments for patients.
Proteomics International is driving the global uptake of PromarkerD through engagement
with key professional bodies and clinical experts in diabetes and nephrology.
The regulatory definition of a Companion Diagnostic means
a device which is essential for the safe and effective use of a
drug to identify which patients are most likely to benefit, or
be at increased risk of serious adverse reactions, from that
treatment. A Complementary Diagnostic provides the same
information on a guidance basis, but is not required for use
of the drug.
A growing number of approved therapeutics for diabetes are
now demonstrating utility as novel treatment options for
chronic kidney disease.
In September 2023, the sodium glucose co-transporter
protein 2 (SGLT2) inhibitor, empagliflozin (Jardiance®
[Boeheringer Ingelhiem/Eli Lilly]), joined canagliflozin
(Invokana® [Janssen]) and dapagliflozin (Farxiga® [Astra
Zeneca]), in receiving approval from both the European
Medical
Authority
(EMA)
and
US
Federal
Drug
Administration (FDA) for use in the treatment of diabetic
kidney disease.
In May 2024, the results of the kidney outcomes trial for the
glucagon-like peptide-1 (GLP-1) agonist semaglutide
(Ozempic
[Novo
Nordisk])
were
published,
and
demonstrated a reduced risk of major kidney events by 24%
for type 2 diabetes patients using the drug.
These are important and positive developments for
PromarkerD because they amplify the use case for the test.
These drugs could be offered early to selected patients
stratified as at high-risk of developing DKD by PromarkerD,
to potentially stop the onset of kidney function decline.
Using PromarkerD and these drugs together in this way is an
area of precision medicine referred to as complementary or
companion diagnostics (CDx).
This type of utility for PromarkerD was confirmed in the peer
reviewed study by Proteomics International and Jansen
Research & Development which showed a significant
reduction in the PromarkerD risk scores for developing DKD
of patients with type 2 diabetes after taking canagliflozin
[ASX: 3 May 2023].
A test like PromarkerD could also be used to monitor the
kidney health of a patient when they are prescribed these
drugs to determine if the treatment and dosage is effective.
Kidney Research UK declare public health emergency
The health and economics burden of kidney disease to
western medical systems was highlighted by Kidney
Research UK's launch of its report “Kidney disease: A UK
public health emergency” in June 2023. The report can be
found on the Kidney Research UK website.
In September 2023, the importance of the report was
emphasised by its formal launch at the British Houses of
Parliament, which noted (amongst other things) that cases
of kidney disease are growing so rapidly they risk costing the
UK economy £13.9 billion annually by 2033 without
significant
government
intervention.
Proteomics
International co-funded the report and was represented at
the formal launch event by members of the Company's
Clinical Advisory Board and its UK distributor, Apacor.
PromarkerD - Intellectual property
The Company's PromarkerD intellectual property portfolio covers 72% of the world’s
population living with diabetes.
Diabetic Kidney Disease1
Title: "Biomarkers associated with pre-diabetes, diabetes and diabetes related conditions"
Derived from International Patent Application PCT/AU2011/001212
All patents valid until September 2031
Country/Region Application/ Patent No. Patent Title Diabetes Prevalence2
Australia AU2011305050 1,491,800
Brazil BR 11 2013 006764 0 15,733,600
Canada CA2811654 2,974,000
China CN103299192 140,869,600
Europe1 EP3151012 Biomarkers Associated with Diabetic Nephropathy 61,425,100
Hong Kong HK1256827 686,000
India IN390245 74,191,700
Indonesia IDP000059245 19,465,100
Japan JP6271250 11,005,000
Russia RU2596486 7,392,100
Singapore SG188527 711,800
USA US9146243 Method of assessing diabetic nephropathy using CD5 antigen-like 32,215,300
368,156,100 Total
Pre-Diabetes and Diabetes
Divisional Derived from International Patent Application PCT/AU2011/001212
Patent valid until September 2031
Country/Region Patent No. Patent Title Pre-diabetes Prevalence5
Europe2 EP3343226 Biomarkers Associated with Pre-diabetes, 54,780,200
Diabetes and Diabetes Related Conditions
Kidney Disease
Country/Region Patent No. Patent Title Kidney Disease Prevalence
Australia AU2015202230 Biomarkers associated with kidney 1,700,0006
disease (Valid until September 2031)
USA US9733259 Method of assessing a subject for abnormal
kidney function (Valid until September 2031)
USA US10191067 "Method for Identifying an Agent for Treating 37,000,0007
Abnormal Kidney Function" (Valid until September 2031)
USA3 US7842463 Method of diagnosing early stage renal impairment
(Valid until 30 September 2027)
Europe3 EP1941274 Method for predicting the progression of chronic 75,000,0008
kidney disease by measuring apolipoprotein a-iv
(Valid until 8 September 2026)
1 Validated in France, Germany, Italy, Turkey, Spain, United Kingdom
2 Validated in France, Germany, Italy, Turkey, Spain, United Kingdom
3 Licensed exclusively to Proteomics International from the University of Innsbruck
4 International Diabetes Federation (IDF) Atlas 10th Edition 2021 [Age group 20-79 years] with diabetes in 2021
5 International Diabetes Federation (IDF) Atlas 10th Edition 2021 [Age group 20-79 years] with impaired glucose tolerance in 2021
6 Australian Institute of Health and Welfare
7 Centers for Disease Control and Prevention. Chronic Kidney Disease in the United States, 2021
8 European Kidney Healthcare Alliance
PromarkerD Patent Coverage
Trademark Coverage - PromarkerDTM
Class 44 - Medical diagnostic services (No 1776917)
Class 5 - Diagnostic apparatus for medical purposes including diagnostic kits (No 1806616)
Country/Region Status
Australia, China, Dominican Republic, European Union, Israel, Japan, South Korea, Mexico, New Zealand, Russia, Singapore, USA Registered
Proteomics International owns three families of patents for PromarkerD in key markets
18
19
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Endometriosis is a common and painful disease that affects
approximately one in nine women and girls1, often starting
in teenagers. It occurs when tissue similar to the lining of
the uterus grows in other parts of the body where it does
not belong. At the moment, there is no simple way to test
for the condition, which can cause pain and infertility, and
costs Australia $9.7 billion each year11.
Status update: The Company is pursuing multiple
avenues to ensure its novel blood test for endometriosis
is commercial ready via a single or hybrid Go-to-Market
strategy (see page 10).
Activities include:
• Diagnostic algorithm is being refined and the ‘traffic
light’ scoring system incorporated
• Analysis of samples from the University of Oxford
is ongoing
• Development of the PromarkerEndo Hub for
reporting patient results has commenced
• Analytical methodology is being refined for use in
a clinical environment
• Partnering discussions are advancing
Results validate biomarkers for PromarkerEndo test for
endometriosis
In February 2024, Proteomics International achieved a
critical milestone in the development of its potential
breakthrough blood test for endometriosis, with the
confirmation of the clinical performance of the
PromarkerEndo biomarkers in an independent patient
cohort. The study was performed in conjunction with the St
John of God Subiaco Hospital Gynaecological Cancer
Research Group [ASX: 30 June 2022], and presented at the
29th Annual Lorne Proteomics Symposium, the annual
conference of the Australasian Proteomics Society.
Agreement signed with University of Oxford to further
validate PromarkerEndo
In March 2024, Proteomics International announced it
signed a Material Transfer Agreement with the globally
respected University of Oxford to acquire approximately 600
patient plasma samples for its endometriosis study.
The analysis of the University of Oxford samples is expected
to be completed in 2024. In parallel, the Company has also
commenced the process of streamlining PromarkerEndo to
produce a test suitable for clinical laboratory use, and is
targeting market access pathways that use the ISO 15189
international standard or the US Laboratory Developed Test
(LDT) for CLIA certified clinical laboratories.
Key Opinion Leader (KOL) engagement and awareness
As part of Endometriosis Awareness Month in March 2024,
Proteomics International hosted a panel discussion
featuring key experts in the endometriosis sector. The
discussion brought together clinicians, researchers, patients
and community members to shed light on the challenges,
successes, strategies, and future developments in
diagnosing endometriosis. Such activities serve to meet the
Company's objective of engaging with potential users of its
technology to drive awareness, adoption and uptake of its
novel diagnostic tests.
PromarkerEndo - Endometriosis
11 endometriosisaustralia.org
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24
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Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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PILL
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Status update: Proof of concept studies underway in
high-performance athletes and racehorses. Patents
granted in Japan and Europe.
In September 2023 and February 2024, Proteomics
International’s subsidiary OxiDx Pty Ltd was granted patents
in Japan and Europe, respectively, for its platform
technology to measure oxidative stress, significantly
expanding the intellectual property protection coverage of
the unique fingerprick blood test. The patents are the first
of a new family of patents pending in all major jurisdictions
for OxiDx's next generation diagnostics technology and is
another illustration of Proteomics International’s specialist
platform technologies.
In April 2024, researchers at the University of Western
Australia published a study using the OxiDx technology,
finding that thiol-oxidized albumin levels, a marker of
oxidative stress, increase after exercise-induced muscle
damage, peaking at 48 hours and remaining elevated for 8-
10 days1. This suggests the blood biomarker could be useful
for monitoring muscle repair post-exercise, aiding recovery
management for athletes.
OxiDx (2-tag) – Oxidative stress
OxiDx (2-tag) – Oxidative stress
✓Highly sensitive patented technology
✓Streamlined rapid laboratory analysis allows
results to be returned to customers within 24 hr
✓Fingerstick blood collection permits sampling
by anyone, anytime, anywhere
✓No cold-chain logistics or special mailing
requirements
✓Results feedback to inform management
strategy – simple decision tool
✓Cost-effective for sequential sampling and
large cohort collection
1 DOI: 10.1373/clinchem.2005.061408
2 Appraising the Welfare of Thoroughbred Racehorses in Training in Queensland, Australia: The Incidence, Risk Factors and Outcomes for Horses after Retirement from Racing
3 Muscle Injuries: A Brief Guide to Classification and Management
1 European Journal of Applied Physiology: doi.org/10.1007/s00421-024-05488-1
26
27
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Proteomics International develops novel precision health
and predictive diagnostic tests using its proprietary
biomarker discovery platform called Promarker™. This
disruptive technology searches for protein ‘fingerprints’ in
a sample and can identify protein biomarkers that
distinguish between people who have a disease and people
who do not, using only a simple blood test. It is a powerful
alternative to genetic testing. The technology is so versatile
it can be used to identify fingerprints from any biological
source, from wheat seeds to human plasma. The
Promarker™ platform technology has broad applicability
and is being used to produce multiple new diagnostic tests
to address significant unmet medical and commercial
needs.
Promarker™ Pipeline
Diabetic kidney disease (DKD) in type 1 diabetes
Status update: Clinical validation study being finalised.
Following the success of the diabetic kidney disease project
targeting type 2 diabetes, Proteomics International has
extended its collaboration agreement with The University
of Western Australia to seek early biomarkers for DKD in
type 1 diabetes.
Proteomics International previously announced it has
become an industry partner to the Australian Centre for
Accelerating Diabetes Innovations (ACADI) [ASX: 27 January
2022]. The Centre combines diabetes expertise from across
Australia and aims at improving the lives of people living
with diabetes. The Company will also explore the
applicability of PromarkerD to patients from ACADI with
type 1 diabetes.
Asthma and COPD
Status update: Proof-of-concept study completed;
patent application filed. Clinical validation on-hold.
Proteomics International has previously completed a proof-
of-concept study that identified multiple novel protein
biomarkers for obstructive airway disease. These
biomarkers, once validated, have the potential to deliver a
new diagnostic test for asthma and chronic obstructive
pulmonary disease (COPD).
An initial proof-of-concept study, performed in
collaboration with the Busselton Population Medical
Research Institute, analysed plasma samples from 75
individuals with a range of symptoms including airway
obstruction, atopy, bronchial hyper-responsiveness and
healthy controls. A patent application on methods for
diagnosing airway disease has been filed. Potential
biomarkers from this study require validation in a larger
clinical cohort, which is on-hold whilst other projects are
prioritised. The results of this validation will refine the panel
of biomarkers into a potential new blood test for diagnosing
obstructive airway disease.
Plant dieback
Status update: Potential diagnostic test identified;
findings published. Economic benefit study required for
commercialisation.
In May 2024, Proteomics International announced it had
collaborated successfully with the Curtin University’s Centre
for Crop and Disease Management to make an important
breakthrough in understanding how dieback impacts
plants, with the findings published in the Journal of
Proteomics.
Phytophthora dieback is a plant disease that can spread
rapidly and have a significant impact on native vegetation
and premium crops such as avocados. Phytophthora
cinnamomic is considered the species of dieback that has
the greatest impact on biodiversity, and also causes tens of
millions of dollars of crop losses annually in Australia alone.
A greater understanding of dieback and its mode of actions
means Proteomics International is better equipped to
develop diagnostic tools to accurately detect dieback in the
soil, which would be of significant benefit to the agricultural
industry, and others.
Diabetic retinopathy
Status update: Discovery study complete. Proof-of-
concept study underway.
Following the success of the diabetic kidney disease project,
Proteomics International extended its collaboration
agreement with The University of Western Australia to seek
early markers for diabetic retinopathy, the major cause of
blindness in the US.
This collaboration is applying the Promarker™ platform to
look for prognostic markers in the blood that can identify
patients at risk of retinopathy, especially sight-threatening
retinopathy. The program is again utilising the Fremantle
Diabetes Study which provided the rich sample repository
that led to PromarkerD.
Discovery experiments have yielded potential biomarkers
for the early diagnosis of retinopathy. The next stage is to
verify these biomarkers in a larger cohort set.
Diabetic neuropathy
Status update: Discovery study commenced.
Following the partnership with ACADI (see above)
Proteomics International has added a new R&D program to
investigate predictive biomarkers for diabetic neuropathy.
Giardia (causing gastroenteritis)
Status update: Project suspended.
Giardia is a leading cause of infectious gastroenteritis
worldwide and one of the most common parasitic human
diseases. Proteomics International has identified strain
specific Giardia targets however further work is required to
develop an assay for clinical use. The project is currently on
hold pending a review of its commercial and technical
viability.
Promarker™ Pipeline
Source:
www.csiro.au
www.dbca.wa.gov.au/management/threat-management/plant-diseases/phytophthora-dieback
28
29
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Oesophageal Cancer
Title: "Glycoprotein biomarkers for esophageal adenocarcinoma and Barett's esophagus and uses thereof"
Derived from International Patent Application PCT/AU2015/050723
All patents valid until November 2035
Country/Region
Application/ Patent No.
Status
Australia4
AU2015349613
Granted
Canada4
CA2967869
Pending
China4
CN107430126
Granted
Europe4,5
EP3221701
Granted/ Validated
Hong Kong4
HK1244877
Granted
United States4
US2022018843
Pending
Endometriosis
Title: "Endometriosis biomarkers"
Derived from International Patent Application PCT/AU2021/050227
If granted, patent projected to be valid until March 2041
Country/Region
Application/ Patent No.
Status
Australia
AU2021237128
Pending
Brazil
BR112022018339
Pending
Canada
CA3169082
Pending
China
CN115349091
Pending
Europe
EP4121776
Pending
India
202217049212
Pending
Japan
JP2023520132
Pending
Singapore
11202252510K
Pending
US
US2023089507
Pending
Indonesia
P00202211148
Pending
Republic of Korea
KR20220154725
Pending
Mexico
MX/a/2022/011397
Pending
Airway Disease
Title: "Airway disease biomarkers"
Country/Region
Application/ Patent No.
Status
Provisional
2024900353
Pending
4Licensed exclusively to Proteomics International from Queensland Institute of Medical Research
5Validated in France, Germany, Spain, Turkey and United Kingdom
6Validated in United Kingdom, Ireland, Austria, Belgium, Bulgaria, Germany, Denmark, Estonia, Finland, France, Italy,
Lithuania, Luxembourg, Latvia, Malta, Netherlands, Portugal, Sweden and Slovenia.
Oxidative Stress (2-Tag)
Proteomics International owns two families of patents for Two-Tag in key markets with others pending
1) Title: "Methods for determining the redox status of proteins"
Derived from International Patent Application PCT/AU2006/001757
All patents valid until November 2026
Country/Region
Patent No.
Status
Australia
AU2006317506
Granted
USA
US8043824
Granted
2) Title: "Methods for measuring relative oxidation levels of a protein"
Derived from International Patent Application PCT/AU2019/050267
If granted, all patents projected to be valid until March 2039
Country/Region
Application/ Patent No.
Status
Australia
AU2019240758
Pending
Canada
CA3094249
Pending
China
CN112020650
Pending
Europe6
EP3775927
Granted
India
IN202017044154
Pending
Indonesia
P00202007798
Pending
Japan
JP7325436
Granted
Singapore
SQ11202008979Q
Pending
USA
US2021041449
Pending
Promarker™ Pipeline - Patent Coverage
Endometriosis
Validation of Biomarkers for Endometriosis. Presenter:
M. Mead. Authors: Bringans, Schoeman, Fernandez, Peters,
Young, Duong, Mead, Lim, Lipscombe. 29th Annual Lorne
Proteomics Symposium, February 2024.
Esophageal cancer
A novel serum glycoprotein biomarker panel for screening
of esophageal adenocarcinoma and surveillance of Barrett’s
esophagus. Presenter: Dr R. Lipscombe. Authors: Lipscombe,
Duong, Casey, Fernandez, Bringans, Peters, Hill, Tan, Chen,
19th ISDE World Congress for Esophageal Diseases. Toronto,
Canada, September 2023.
Validation of Biomarkers for Oesophageal Cancer. Presented
by Dr R. Wang. Authors: Bringans, Schoeman, Scott-Dorta,
Wang, Galettis, Lipscombe. 29th Annual Lorne Proteomics
Symposium, February 2024.
OxiDx
Temporal tracking of cysteine 34 oxidation of plasma
albumin as a biomarker of muscle damage following a bout
of eccentric exercise. Authors: James, Dugan, Boyd, Fornier,
Arthur. Published in European Journal of Applied Physiology,
April 2024.
Dieback
Proteomic analysis revealed that the oomyceticide
phosphite exhibits multi-modal action in an oomycete
pathosystem. Authors: Andronis, Jacques, Lopez-Ruiz,
Lipscombe, Tan. Published in Journal of Proteomics,
April 2024.
Promarker™ Pipeline - Presentations and Publications
30
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Analytical Services
The Company continues to offer a range of specialised analytical services to clients
across the biotechnology industry.
Proteomics International Revenue
3,000,000
2017
925,537
144,484
790,751
Analytical Services $
Grants and other Income $
Research & Development $
Tax Incentive
2018
1,176,457
130,343
844,123
2019
1,468,076
128,833
1,139,403
2020
1,423,070
454,389
1,138,815
2021
1,310,824
386,770
1,290,899
2022
1,489,323
235,232
1,711,903
2023
730,340
741,690
1,848,832
2024
892,143
517,498
2,156,377
2,000,000
1,000,000
World’s most accredited protein testing laboratory
Proteomics International was the first laboratory in the world to receive ISO/IEC accreditation for
proteomics services in 2009 (Accreditation number: 16838). In 2021, Proteomics International received
ISO 13485 certification for the design and development of PromarkerD (Certification number:
MD734669).
Proteomics International now holds multiple internationally recognised accreditations:
ISO 17025: 2015 Chemical Testing
ISO 17025: 2015 R&D
ISO 13485: 2016 Medical devices Quality management systems Requirements for regulatory purposes
Accreditation recognises Proteomics International's ability to consistently achieve technically valid, traceable and reproducible
results. In 2021, Proteomics International added ISO 13485 certification to its list of accreditations. The significance of this milestone
shows the Company’s strong commitment and vision to be a major player in innovative in-vitro diagnostic products with strong
focus on commercialisation and quality of these products. Accreditation means that clients and regulatory authorities can have
confidence in company products and helps to identify the Company as a reliable service provider.
CORPORATE ACTIVITY
In January 2024, Proteomics International raised $6.5m via
an institutional placement to leading institutional investors
in Asia and Australia. As part of the placement Fidelity
Investment
Management
became
a
substantial
shareholder of PIQ [ASX: 30 January 2024]. Funds raised from
the placement are being used to commercialise the
PromarkerD predictive test for DKD and fund further
development of the Promarker™ diagnostics pipeline, and
general working capital.
Proteomics International’s cash reserves were further
strengthened by the receipt of $1.85 million in research and
development tax incentive for the 2022-23 financial year
[ASX: 9 November, 2023] Proteomics International spent
$4.25 million on R&D during the FY23 year, enabling the
company to receive an Australian Government rebate of
$1,848,832. The tax incentive encourages companies
engaging in beneficial research to Australia by providing a
cash rebate of 43.5% for qualifying activities.
DRUG DISCOVERY
Proteomics International has had a long-standing interest
in innovative drug discovery, with the Company's first
substantial external funding received to develop a novel
therapeutic pipeline in 2008. This pipeline became the basis
for the Promarker™ technology platform. The drug discovery
program is on hold whilst the company focuses its resources
on the commercialisation of its diagnostics pipeline, and
the provision of analytical services.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
In the opinion of the Directors, there were no significant
changes in the state of affairs of the Group that occurred
during the financial year not otherwise disclosed in this
report and the financial statements.
EVENTS SINCE THE END OF THE FINANCIAL YEAR
On 8 July 2024, 110,102 fully paid ordinary shares were issued
upon the exercise of unquoted performance rights. The
performance rights were issued under the Performance
Rights Plan as per the incentive structures for employees.
On 12 July 2024, 150,000 options that were issued to key
management personnel expired without being exercised.
On 12 August 2024, Dr Robyn Elliot resigned as a
non‐executive director of the company.
No other matters or circumstances have arisen since the
end of the financial year that have significantly affected, or
may significantly affect the consolidated entity's operations,
or the consolidated entity's state of affairs in future years.
LIKELY DEVELOPMENTS
Proteomics International is at the forefront of predictive
diagnostics and precision medicine. The Company now has
a suite of diagnostic tests at the commercialisation and pre-
commercialisation
stage,
with
the
PromarkerD,
PromarkerEndo, PromarkerEso and OxiDx tests each at
pivotal points in their advancement. The Company will
pursue its Go-to-Market pathways for each test.
Potential licence partners are global and regional diagnostic
companies, diagnostic service providers, and drug
developers. The focus will be on driving the adoption of the
tests by engaging with Key Opinion Leaders and the
broader network of clinical service providers.
As for any novel tests, market penetration cannot be
predicted accurately, hence for each licence it is not possible
to quantify the financial impact on Proteomics International
in any given timeframe. Nonetheless, the tests have the
potential to spare millions of people from the cost of
expensive and debilitating treatments, saving healthcare
system billions of dollars. Consequently, the Company
believes that ultimately the financial impact of
commercialising each test will be significant.
The development pipeline for new diagnostic tests will
progress using the Promarker™ technology platform, with
the intention of creating new intellectual property that can
be licensed in future years.
These R&D and commercialisation activities will continue
to be underpinned by the analytical services operations.
Company Operations
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31
2 Grand View Research 2022: Clinical Trials Market Size
3
Mordor Intelligence 2024: Biosimilars Market Size
4
Allied Market Research 2024: Proteomics Market by Component
Proteomics International provides specialist contract
research focusing on biosimilars quality control and
pharmacokinetic testing for clinical trials. Australia is a global
leader in clinical trials due to its efficient regulatory
framework and high-quality trial sites, and all samples from
each trial require specialist analytical testing.
Significantly, the fastest growing class of drugs entering
clinical trials is biologics and biosimilars. The global clinical
trials market is expected to reach USD 123.5 billion by 20302,
whilst the market size of the global biosimilars market was
estimated at USD 35.4 billion in 2024, and is expected to
reach USD 82.2 billion by 20293. The global proteomics
market was valued at USD 32.8 billion in 2023, and is
expected to reach USD 161.9 billion by 20354.
The income from Analytical Services remains an important
revenue stream for Proteomics International. The Company
continues to look for opportunities to grow these revenues,
targeting the clinical trials sector for both pharmacokinetic
testing and the development of companion/comp-
lementary diagnostics (CDx) through biomarker analysis.
32
33
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
Promarker™ Pipeline
Environmental, Social and Governance
SOCIAL
Proteomics International’s mission is to improve the quality
of lives by the creation and application of innovative tools
that enable the improved treatment of disease. In addition
to the social impact of the Company’s core operations,
Proteomics International strives to foster the development
of scientific knowledge and invest in its people.
STRATEGIC COLLABORATIONS
Proteomics International continues to work closely with
the biotechnology and life science community across
Australia.
Strategic
collaborations
promote
the
development of scientific knowledge and help Proteomics
International realise its scientific and business objectives.
Highlights of the Company’s collaborations include:
Harry Perkins Institute of Medical Research (Perkins)
The Perkins is the premier adult medical research institute
in Western Australia. Proteomics International is
headquartered there and has held close ties with the
Perkins since 2006.
Bioplatforms Australia (BPA)
BPA is a federal body instigated as part of the National
Collaborative Research Infrastructure Scheme (NCRIS) to
facilitate a national capability in the 'omics sciences
(genomics, proteomics, metabolomics and bioinformatics).
Proteomics International manages the Western Australian
node of Proteomics Australia in a Public Private Partnership
with BPA and The University of Western Australia.
Australian Research Council Training Centre for
Personalised Therapeutics Technologies
This national $3.1 million Industrial Transformation Training
Centre (ITTC) sees Proteomics International work with
university-based researchers to provide industry training
through the application of the Promarker™ technology to
Complementary Diagnostics. The centre is hosted by the
University of Western Australia, Monash University and the
University of Melbourne.
Dr Bill Parker Memorial Industrial Scholarship
In 2017, the Company launched the Dr Bill Parker Memorial
Industrial Scholarship, in memory of its cofounder, to high
achieving WA students who wish to take a gap year to gain
experience in the Biotechnology & Life Science Industry
before undertaking a science degree in the Eastern States.
The inaugural scholarship recipient, Imogen Sorby,
graduated from the University of New South Wales in 2023,
and is now working in Europe. Three scholarship students
are completing university studies in Victoria and New
South Wales. Proteomics International is currently training
one scholar in residence. The program is ongoing and
Proteomics International looks forward to supporting the
2024 class of budding life scientists.
Australian Centre for Accelerating Diabetes Innovations
(ACADI)
In January 2022 Proteomics International became an
industry partner in the Australian Centre for Accelerating
Diabetes Innovations (ACADI), which was awarded $10
million over four years from the Australian Government’s
Medical Research Future Fund.
The centre combines diabetes expertise from across
Australia and aims at improving the lives of people living
with diabetes, including addressing diabetic kidney disease.
HUMAN CAPITAL
Proteomics International’s believes that its staff are a key
component of the Company’s continued success. The
Company enjoys a culturally diverse and gender balanced
workforce.
ENVIRONMENTAL
Environmental regulations
The Company is subject to environmental regulation and
other licences in connection with its research and
development activities utilising the facilities at the Harry
Perkins Institute of Medical Research. The Company complies
with all relevant federal, state and local environmental
regulations. The Board is not aware of any breach of
applicable environmental regulations by the Company.
Greenhouse gas and energy data reporting
The Company has assessed the reporting requirements of
both the Energy Efficiency Opportunities Act 2006 and the
National Greenhouse and Energy Reporting Act 2007 and the
Group is not currently subject to any reporting obligations.
GOVERNANCE
The Board of Directors is responsible for the operational
and financial performance of the Company, including its
corporate governance. The Company believes that the
adoption of good corporate governance adds value to
stakeholders and enhances investor confidence.
Proteomics
International’s
corporate
governance
statement is available on the Company’s website, in a
section titled ‘Corporate Governance’.
1
As of 30 June 2024 (for comparison, in 2023 the balance was Staff 56%,
Board 20%, Senior Management 50% female, respectively).
All
Staff
Board
Senior
Management
Gender Diversity 1
FEMALE
61%
39%
MALE
FEMALE
20%
80%
MALE
FEMALE
67%
33%
MALE
34
35
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
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Promarker™ Pipeline
Board of Directors and Operational Team
BOARD OF DIRECTORS
Neville Gardiner – Non-Executive Chairman (Independent)
Richard Lipscombe – Managing Director
Robyn Elliott - Non-Executive Director (Independent) - Resigned 12 August 2024
Paul House - Non-Executive Director (Independent)
Roger Moore - Non-Executive Director (Independent)
INFORMATION ON DIRECTORS
Director
Experience
Special
Particulars of Director’s
Responsibilities
interest in securities
of the Company
Shares
Options
Mr Neville Gardiner
Chairman
117,647
500,000
BBus (Accounting and
Business Law)
Dr Richard Lipscombe
Managing
16,417,125
-
MA (Oxford),
Director
PhD (London)
Dr Robyn Elliott
Nil
-
250,000
BSc (Hons) Chemistry,
PhD Inorganic Chemistry
Mr Paul House
Nil
1,036,511
-
GAICD, BCom (UWA)
Mr Roger Moore
Nil
975,824
-
R (Denmark),
BPharm (U. Syd)
Until recently, Robyn was the Global Head, Strategic Portfolio Management within the
Global Network Strategy team of CSL Behring, a subsidiary of CSL Limited (ASX:CSL).
Her role was responsible for governance and business value delivery oversight for a
multi-billion dollar global capital expansion portfolio. She is also a non-executive
director of PolyNovo Limited (ASX:PNV). Prior to CSL Behring she was Managing Director
at IDT Australia Ltd (ASX:IDT) and commenced her career at DBL Faulding. Robyn has a
proven track record in product development, clinical trials, regulatory affairs, audits,
quality management, project management and operational strategy. Robyn joined the
Board in November 2021.
Paul has over 30 years’ experience with multi-national corporations and is currently
the CEO and Managing Director of Imdex (ASX:IMD). He previously served eight years
as the Managing Director of SGS India, where he was responsible for a workforce of
4,500 personnel and 38 laboratories; SGS is the world’s leading Testing, Inspection
and Certification (TIC) company. Paul has previously held CFO and COO roles and has
a track record for delivery of business performance targets, revenue growth, margin
improvement, market share and productivity, across multiple services, markets and
borders. A Fellow of the Australian Institute of Management and a Graduate Member
of Australian Institute of Company Directors, Paul joined the Board in November 2017.
Roger has 40 years’ experience in the international pharmaceutical industry, including
almost 30 years as President of Novo Nordisk Japan (Novo Nordisk is the world’s
largest manufacturer of diabetes therapies and a global leader in diabetes care and
obesity). Roger established Novo’s organisation in Japan as the first employee in 1977,
and worked for the company until his retirement as Chairman at the end of 2007. In
2000 Roger was appointed Senior Vice President, responsible for Novo Nordisk’s
business in Japan, Australia, New Zealand and the Pacific, and also a member of the
Senior Management Board of Novo Nordisk A/S. In 2007, Roger was awarded the
Knight’s Cross of the Order of the Dannebrog (R) by Queen Margrethe II of Denmark.
Roger joined the Board in October 2016.
Neville was previously a Partner of Deloitte in its Mergers & Acquisitions Advisory
team. He is a seasoned finance professional with over 30 years’ experience advising
Boards of public and private companies on mergers and acquisitions, project
development, equity and debt capital markets, transaction structuring, capital
allocation and complex commercial problem solving. Prior to Deloitte Neville was
Co-Founder and Managing Director of Torridon Partners, an independent corporate
advisory firm. Torridon Partners was acquired by Deloitte in 2016.
He has held leadership positions at Macquarie Bank, Bank of America Merrill Lynch
and Arthur Andersen, and has broad industry sector exposure including health tech,
fin-tech, mining and mining services, infrastructure, energy, and fabrication and
construction. Neville joined the Board in November 2021.
Richard, a co-founder of the Company, is a highly practised business manager and
protein chemist expert in analysing biomolecules using proteomics techniques. He
has extensive expertise in chemistry, immunology, mass spectrometry, peptide
synthesis, high performance computing and robotics. Richard has international
experience in both science and business gained over a 30-year period in Australia,
USA and the UK, including work in hospital and academic laboratories and
commercial organisations. He completed his chemistry degree (MA) at Oxford
University, his PhD in immunology at London University and was a post-doctoral
scientist (molecular immunology) in a large research institution in Australia (Telethon
Kids Institute). After managing the Protein Analysis Facility at the University of
Western Australia, he co-founded Proteomics International Pty Ltd in 2001. Richard
is well published in peer review journals, and holder of several patents.
36
37
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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CURRENT AND FORMER DIRECTORSHIPS
Directors’ Name
Current Directorships
Former Directorships (last 3 years)
Neville Gardiner
Galena Mining Ltd (since 20 October 2021)
Nil
Richard Lipscombe
Nil
Nil
Roger Moore
Nil
Nil
Paul House
Imdex Limited (since 1 March 2024)
Nil
Robyn Elliott
PolyNovo Ltd (since 28 October 2019)
Nil
COMPANY SECRETARY
Ms Karen Logan BCom, Grad Dip AppCorpGov, FCG, FGIA, GAICD
Karen Logan is a Chartered Secretary with over 20 years’ experience in assisting small to medium capitalised ASX-listed and
unlisted companies with compliance, governance, financial reporting, capital raising, merger and acquisition, and IPO
matters. She is presently the principal of a consulting firm and secretary of a number of ASX-listed companies, providing
corporate and accounting services to those clients.
MEETINGS OF DIRECTORS
The number of meetings of the Company’s Board of Directors held during the year ended 30 June 2024 and the numbers
of meetings attended by each Director were:
Directors
Full Meetings of Directors
A
B
Mr Neville Gardiner
8
8
Dr Richard Lipscombe
8
8
Mr Ian Roger Moore
8
8
Mr Paul House
8
8
Dr Robyn Elliott
8
8
A = Number of meetings attended
B = Number of meetings held during the time the Director held office
The Board meets regularly on an informal basis in addition to the above meetings.
Directors have determined that the Company is not of sufficient size to merit the establishing of separate sub-committees
and all decisions are made by the full Board.
OPERATIONAL TEAM
Proteomics International has established and maintained a highly qualified, multilingual team with well-balanced
commercial and scientific expertise. The senior management group comprises:
Chief Financial Officer and
Head of Corporate Development
Ms Jacqueline Gray
Jacqueline has over 25 years of experience as Senior
Finance Executive for multiple global companies,
based in London, and several emerging, high
growth companies in the medical technology, SaaS,
digital marketing, e-commerce, retail and renewables sectors, based in
Perth. She has a successful track record with developing &
implementing strategy, building high performance teams, M&A and
post-merger integration. Her previous roles include Finance Director
of the Economist Intelligence Unit, senior roles with BBC Worldwide,
and Financial Controller of several hospitals and medical facilities for
Healthcare of Australia. Jacqueline also leads the Company’s Corporate
Development, with a focus on PromarkerEndo.
Head of Business Development
Mr Chuck Morrison
Chuck has over 35 years’ experience in life sciences,
biotechnology, and diagnostic industries. Chuck has
an undergraduate degree in chemistry and an MBA
from Boston University. He has held several
management positions while at NEN Life Sciences
and DuPont before spending 15 years in Business Development at
PerkinElmer. Chuck has successfully executed many licensing deals and
several global acquisitions while in this role. Chuck is based in
Massachusetts, USA and started working with the Company in 2014.
Business Manager - Analytical Services
Ms Sreeja Sony
Sreeja brings 15 years of Sales and Business
Development
experience
in
the
medical
technology and pharmaceutical sectors. She has
handled operations, logistics, technical support and
purchasing activities in her previous roles. Sreeja
has substantial experience selling life sciences services, consumables
and instruments to a wide range of clients across the biopharma space.
Sreeja joined Proteomics International in 2016 and was recently
appointed to Business Manager of the Company’s Analytical Services
business.
Head of Product Development
Dr Pearl Tan
Pearl is responsible for coordinating and ensuring
the commercial delivery of PromarkerD and the
Promarker™
pipeline.
Pearl
has
extensive
experience
in
management
and
research
commercialisation. Her previous roles include Chief
Operating Officer of Proteomics International, Head of Logistics,
Business Manager (PromarkerD), and leading the commercialisation of
the patented OxiDx 2-tag technology (used to measure oxidative
stress). Pearl has a background in research and completed her PhD in
Biochemistry and Molecular Biology at The University of Western
Australia. She has been with Proteomics International since 2014.
Head of Research
Dr Scott Bringans
Scott has over 25 years of experience in protein
chemistry and mass spectrometry. Scott leads all
research areas within Proteomics International
including the company’s proprietary biomarker
discovery and development program (Promarker™)
and PromarkerD, the Company’s predictive test for diabetic
nephropathy. Alongside these are the development of novel
methodology to add to Proteomics International’s technology platform
and continually expanding the fee-for-service and quality testing
portfolio. Scott has been with the Company since 2006.
Head of Clinical Studies
Dr Kirsten Peters
Kirsten has over 20 years of experience in
biostatistics, clinical and genetic epidemiology.
Kirsten leads the clinical studies and biostatistics
team at Proteomics International, responsible for
the development and validation of PromarkerD,
PromarkerEndo and PromarkerEso. She has been with the company for
10 years and has been a Consultant at the University of Western
Australia for 15 years. Kirsten has extensive experience in data analysis
and has co-authored over 40 peer- reviewed journal articles.
Operations Manager - Laboratories
Ms Hitormi Lim
Hitormi has over 9 years of experience in laboratory
management and technical research at Proteomics
International. Starting as a Research Scientist,
Hitormi specialised in project management and
technical research, developing methods and
optimising quality controls for research projects and analytical services.
She then progressed to Laboratory Manager, overseeing all laboratory
activities, including resource management, accreditation, and quality
management systems. She also led technical staff specialised in
biomarker discovery and validation in the PromarkerTM Pipeline.
Recently promoted to Operations Manager of the Laboratory, Hitormi
is outcome-driven and focuses on effective leadership, embracing the
mantra ‘Bring the best out of people,’ both professionally and
personally.
39
38
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Material Business Risks
The Group has identified the below specific risks that could
impact upon its future prospects.
COMMERCIALISATION RISK
The Company is relying on its ability and that of its partners to
develop and commercialise its products and services in order
to create revenue. Any products or services developed by the
Company will require extensive clinical testing, regulatory
approval, manufacturing and significant marketing efforts
before they can be sold and generate revenue. The Company’s
efforts to generate revenue may not succeed for a number of
reasons including issues or delays in the development, testing,
regulatory approval, manufacturing, supply chain or marketing
of these products or services.
In addition, developing direct sales, distribution and marketing
capabilities will require the devotion of significant resources and
require the Company to ensure compliance with all legal and
regulatory requirements for sales, marketing, manufacturing
and distribution.
A failure to successfully develop and commercialise these
products and services could lead to a loss of opportunities and
adversely impact on the Company’s operating results and
financial position. In addition, for those countries where the
Company may commercialise its products or services through
distributors or other third parties, the Company will rely heavily
on the ability of its partners to effectively market and sell its
products and services.
Further, even if the Company does achieve market
commercialisation of any of its products and services, it may not
be able to sustain it or otherwise achieve commercialisation to
a degree that would support the ongoing viability of its
operations.
RESEARCH AND DEVELOPMENT RISK
The research and development process typically takes from 10
to 15 years from discovery to commercial product launch. This
process is conducted in various stages in order to test, along
with other features, the effectiveness and safety of a product.
There can be no assurance that any of these products and
services will be proven safe or effective.
Accordingly, there is a risk at each stage of development that
the Company will not achieve the goals of safety and/or
effectiveness and that the Company will have to abandon a
product.
INTELLECTUAL PROPERTY
The following are considered to be risks to the Company’s
intellectual property:
(i) General
The patent protection that the Company may obtain varies
from product to product and country to country and may not
be sufficient, including maintaining product exclusivity. Patent
rights are also limited in time and do not always provide
effective protection for products and services: competitors may
successfully avoid patents through design innovation, the
Company may not hold sufficient evidence of infringement to
bring suit, or the infringement claim may not result in a decision
that the rights are valid, enforceable or infringed.
Legislation or regulatory actions subsequent to the filing date
of a patent application may affect what an applicant is entitled
to claim in a pending application and may also affect whether
a granted patent can be enforced in certain circumstances.
Laws relating to biotechnology remain the subject of ongoing
political controversy in some countries. The risk of changed laws
affecting patent rights is generally considered greater for the
biotechnology field than in other longer established fields.
(ii) Entitlement to Priority
In order for material disclosed in a patent application to be
entitled to the priority date of a corresponding earlier filed
application (e.g. a provisional application), there must be
adequate support or disclosure of such material in the
provisional application. Subject matter in a patent application
that is not so disclosed in the earlier application is not entitled
to the claim to priority, which may affect patentability of the
subject invention, or the validity of any patent that may be
granted.
(iii) Securing a Patent
The claims in a pending application cannot be considered
predictive of claims in a granted patent. Examination in certain
jurisdictions such as the USA and the European Patent Office
are often more stringent than other countries and all pending
claims may be subject to amendment during the pendency of
an application. Thus, during pendency of any patent
application, an applicant cannot reliably predict whether any
claims will ultimately be granted or what the scope of any
granted claims will be. Furthermore, whilst the scope of claims
granted in one country may assist, it cannot be relied upon for
predicting the scope of claims granted in another country.
All patent searches are dependent on the accuracy and scope
of the databases used for the search and, in particular, the
manner in which information in the databases is indexed for
searching purposes.
Patent applications may have been filed by third parties based
on an earlier priority date and the existence of such
applications may not be known for up to about 18 months after
they were filed. Such earlier-filed applications may constitute
prior art that adversely affects patentability or claim scope of a
patent matter listed herein. Given the timing of and the
approach taken to the examination of patent applications, if
any prior art in this 18-month period does exist, it is unlikely
that it will be located in searches conducted by official Patent
Offices.
Delays may occur during pendency, due to unpredictable
events that the application cannot control. The net effect of
such delays may be to decrease the time from the date of
patent grant to the end of the patent term and thus adversely
affect the effective lifetime of enforceability of the patent.
Patents and pending applications can be subject to opposition
or other revocation proceedings, that vary from country to
country, and which cannot be predicted in advance.
RELIANCE ON KEY PERSONNEL
The Company’s ability to operate successfully and manage its
potential future growth depends significantly upon its ability
to attract, retain and motivate highly-skilled and qualified
research, technical, clinical, regulatory, sales, marketing,
managerial and financial personnel. The competition for
qualified employees in the life science industry is intense and
there are a limited number of persons with the necessary
skills and experience.
The Company’s performance is substantially dependent on
Dr Lipscombe and the other members of its senior
management and key technical staff to continue to develop
and manage the Company’s operations. The loss of or the
inability to recruit and retain high-calibre staff could have a
material adverse effect on the Company. The Company also
relies on the technical and management abilities of certain
key Directors and employees, consultants and scientific
advisers. The loss of any of these Directors, employees,
consultants or scientific advisers could have an adverse effect
on the business and its prospects.
REGULATORY RISK
The introduction of new legislation or amendments to
existing legislation by governments, developments in existing
common law, or the respective interpretation of the legal
requirements in any of the legal jurisdictions that govern the
Company’s operations or contractual obligations, could
impact adversely on the assets, operations and, ultimately,
the financial performance of the Company and its shares. In
addition, there is a risk that legal action may be taken against
the Company in relation to commercial matters.
FUNDING RISK
While the Company believes it will have sufficient funds to
meet its operational requirements for the next 12 months, the
Company may in the future seek to exploit opportunities of
a kind that will require it to raise additional capital from equity
or debt sources, joint ventures, collaborations with other life
science companies, licensing arrangements, production
sharing arrangements or other means.
The Company’s capital requirements depend on numerous
factors and, having regard to the development stage, and the
nature of its products and services, the Company is currently
unable to precisely predict if, and what amount of, additional
funds may be required. Factors, which may influence the
Company’s possible need for further capital, include such
matters as:
•
the costs and timing of seeking and obtaining regulatory
approvals;
•
the costs of filing, prosecuting, defending and enforcing
any patent claims and other intellectual property rights;
•
the effects of competing product, clinical, technological
and market developments; and
•
the terms, timing and consideration, if any, of
collaborative arrangements or licensing of products
and services;
There can be no assurance that additional finance will be
available when needed or, if available, the terms of the
financing might not be favourable to the Company and might
involve substantial dilution to Shareholders. If the Company
is unable to obtain additional financing as needed, it may be
required to reduce the scope of its operations and scale back
development and research programmes as the case may be.
INSURANCE RISK
The Company may not be able to maintain insurance for
service liability on reasonable terms in the future and, in
addition, the Company’s insurance may not be sufficient to
cover large claims, or the insurer could disclaim coverage on
claims. If the Company fails to meet its clients’ expectations,
the Company’s reputation could suffer, and it could be liable
for damages. The Company gives no assurance that all such
risks will be adequately managed through its insurance
policies to ensure that catastrophic loss does not have an
adverse effect on its performance.
EXCHANGE RATE RISK
The Company is exposed to movements in foreign exchange
rates. The Company does not hedge against movements in
the exchange rate. However, significant changes in currencies
may impact on the Company’s margins and earnings
adversely.
CYBERSECURITY RISK
The Company is aware of the cybersecurity risk and data
privacy risk inherent in its operations. The Company mitigates
these risks using security measures and insurance as
appropriate.
RESOURCE RISK
The Company’s ability to deliver service and research and
development pipelines in a timely manner are dependent on
its equipment and resources operating accurately and
efficiently. The Company manages resource risk with regular
scheduled maintenance, backup arrangements, quality
processes, and regular communication.
DEPENDENCE ON KEY RELATIONSHIPS
The Company currently has strategic business relationships
with other organisations that it relies upon for key parts of its
business, such as obtaining the use of the mass
spectrometers, chromatography systems and other
equipment and services important to the Company’s
activities. The loss or impairment of any of these relationships
could have a material adverse effect on the Company’s results
of operations, financial condition and prospects, at least until
alternative arrangements can be implemented. In some
instances, however, alternative arrangements may not be
available or may be less financially advantageous than the
current arrangements.
40
41
Remuneration Report
REMUNERATION REPORT (Audited)
The Remuneration Report is set out under the following main headings:
A
B
Remuneration Governance
C
D
Directors' and Other Key Management Personnel Agreements
E
F
Additional Disclosure relating to Key Management Personnel
G
Transactions with the Key Management Personnel
H
Voting and Comments at the Company's Annual General Meeting
•
Mr Neville Gardiner
•
Dr Richard Lipscombe
•
Mr Ian Roger Moore
•
Mr Paul House
•
Dr Robyn Elliott
•
Ms Jacqueline Gray
Non-Executive Chairman (independent)
Managing Director
Non-Executive Director (independent)
Non-Executive Director (independent)
Non-Executive Director (independent) - resigned 12 August 2024
Chief Financial Officer and Head of Corporate Development (CFO)
Share-Based Compensation
Principles Used to Determine the Nature and Amount of Remuneration
Details of Remuneration
The information provided in this Remuneration Report has been audited as required by Section 308(3C) of the Corporations Act 2001.
The Directors and other Key Management Personnel of the Group during or since the end of the financial year were:
REMUNERATION REPORT (continued)
A. Principles Used to Determine the Nature and Amount of Remuneration
•
•
Non‐Executive Directors Remuneration
The Company's Non-Executive Directors' remuneration package contains the following key elements:
• primary benefits - monthly Director's fees; and
• options - issued following shareholder approval at the 2018 and 2022 Annual General Meetings.
Fixed
"At Risk"
Total
$
$
$
244,716
-
244,716
Non‐Executive Remuneration Mix
The following table sets out the non-executives' remuneration mix for the year ended 30 June 2024:
The objective of the Company's remuneration framework is to ensure reward for performance is competitive and appropriate for the
results delivered and set to attract the most qualified and experienced candidates.
Remuneration levels are competitively set to attract the most qualified and experienced directors in the context of prevailing market
conditions.
No retirement benefits are provided other than compulsory superannuation.
The Company has not obtained independent advice on the remuneration policies and practices of the key management personnel or
sought the assistance of an external consultant on the current market for similar roles, level of responsibility and performance of the
Board. The Board may consider this in the future should the need arise.
The Non-Executive Directors' fees and payments have been set based on the experience of the Director in the Company's field of
operations, and level of activity required to be undertaken by the Director in the management of the Company. The Chairman received a
fixed fee for his services as a Director.
The Directors recognise that in the early stages of the Company's development and in a period where the Company is making losses the
objectives are to align the interests of the Board with shareholders and to attract, motivate and retain high performing individuals. The
Board believes that this can be achieved through the following framework:
Fees and payments to the Non-Executive Directors reflect the demands which are made on and the responsibilities of the Directors. The
Non-Executive Directors' fees and payments are expected to be reviewed annually by the Board. The Non-Executive Chairman's fees are
determined based on competitive roles in the external market. The Chairman is not present at any discussions relating to the
determination of his own remuneration.
The Non-Executive Directors' fees are determined within an aggregate Directors' fee pool limit, which is periodically recommended for
approval by shareholders. The maximum currently stands at $500,000 per annum and was approved by shareholders prior to listing on the
ASX.
The remuneration has a mix of components through the salary and share options; and
The remuneration has been set in consultation with key management personnel (other than the relevant director whose remuneration
is being discussed) taking into account the size of the Company and its current position in the market.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
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42
43
REMUNERATION REPORT (continued)
A. Principles Used to Determine the Nature and Amount of Remuneration (continued)
Executive Remuneration
The Company's Executive Remuneration package contains the following key elements:
•
primary benefits - salary via an agreement;
•
options - issued via an agreement; and
•
performance rights - issued via an agreement.
(iii)
Fixed
"At Risk"
Total
$
$
$
674,786
186,369
861,155
•
•
•
•
2020
2021
2022
2023
2024
$
$
$
$
$
Share price at financial year end ($A)
0.42
0.93
0.93
0.86
0.88
Total dividends declared (cents per share)
-
-
-
-
-
Basic loss per share (cents per share)
( 5.00)
( 5.00)
( 5.00)
( 5.30)
( 5.07)
USE OF REMUNERATION CONSULTANTS
The Company has not engaged a remuneration consultant during the year.
The following table sets out the Key Management Personnel's remuneration mix for the year ended 30 June 2024:
The Executive Director and Other Key Management Personnel are included in the Executive Remuneration. Executive Remuneration has
been set based on the experience of each person in the Company's field of operations, and level of activity required to be undertaken by
each person in the management of the Company.
The shareholders approved the Director Fee Plan at the 2019 Annual General Meeting, where (subject to prior shareholder approval)
director fees can be settled by the issue of shares.
CONSOLIDATED ENTITY PERFORMANCE AND LINK TO REMUNERATION
The objective of the consolidated entity's executive reward framework is to ensure reward for performance is competitive and appropriate
for the results delivered. The framework aligns executive reward with the achievement of strategic objectives and the creation of value for
shareholders, and it is considered to conform to the market best practice for the delivery of reward. The Board of Directors ("the Board")
ensures that executive reward satisfies the following key criteria for good reward governance practices:
Competitiveness and reasonableness
Acceptability to shareholders
Performance linkage / alignment of executive compensation
Transparency
Executive Remuneration Mix
REMUNERATION REPORT (continued)
B. Remuneration Governance
The Board is primarily responsible for making decisions and recommendations on:
• the over-arching executive remuneration framework;
•
• the remuneration levels of executives; and
• Non-Executive Director fees.
C. Details of Remuneration
Details of the remuneration of the Directors and Other Key Management Personnel of the Company is set out below:
Post-
Employment
Benefits
Other Leave
Benefits
Share-Based
Benefits
Share-Based
Benefits
Directors
Fees
Salary
Bonus
Super-
annuation
Leave
Benefits
Equity-settled
options
Equity-settled
rights
$
$
$
$
$
$
$
$
%
Non‐Executive Directors
Ian Roger Moore
47,250
-
-
5,198
-
-
-
52,448
0%
Paul House
47,250
-
-
5,198
-
-
-
52,448
0%
Neville Gardiner
78,750
-
-
8,622
-
-
-
87,372
0%
Dr Robyn Elliott (i)
47,250
-
-
5,198
-
-
-
52,448
0%
Executive Director
Dr Richard Lipscombe
-
365,000
-
40,150
10,196
-
-
415,346
0%
Other Key Management
Personnel
Jacqueline Gray
-
230,000
-
25,300
4,140
219,486
( 33,117)
445,809
0%
TOTAL
220,500
595,000
-
89,666
14,336
219,486
( 33,117)
1,105,871
0%
$
$
$
$
$
$
$
$
%
Non‐Executive Directors
Ian Roger Moore
45,000
-
-
-
-
-
-
45,000
0%
Paul House
45,000
-
-
4,725
-
-
-
49,725
0%
Neville Gardiner
75,000
-
-
7,875
-
46,786
-
129,661
0%
Dr Robyn Elliott
45,000
-
-
4,725
-
23,393
-
73,118
0%
Executive Director
Dr Richard Lipscombe
-
350,000
50,000
42,000
-
-
-
442,000
13%
Other Key Management
Personnel
Jacqueline Gray
-
210,958
25,000
24,776
1,218
20,290
23,056
305,298
15%
TOTAL
210,000
560,958
75,000
84,101
1,218
90,469
23,056
1,044,802
10%
(i) Dr Robyn Elliott resigned as a non-executive director on 12 August 2024.
2023
the operation of the incentive plans which apply to the executive director and non-executives including the performance
hurdles;
2024
Performance
Related
Total
Cash Salary and Fees
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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44
45
REMUNERATION REPORT (continued)
D. Directors' and Other Key Management Personnel Agreements
Neville Gardiner (Non‐Executive Chairman)
Ian Roger Moore (Non‐Executive Director)
Paul House (Non‐Executive Director)
Dr Robyn Elliott (Non‐Executive Director) ‐ resigned 12 August 2024
Base remuneration
$47,250
Termination of agreement
None specified
Superannuation
Statutory rate
Bonus payable
N/A
Termination of agreement
None specified
Particulars
Terms
Term of the agreement
No fixed term - subject to periodic re-election at the AGM
N/A
Particulars
Terms
Term of the agreement
No fixed term - subject to periodic re-election at the AGM
Bonus payable
Superannuation
Statutory rate
Bonus payable
N/A
Termination of agreement
None specified
Particulars
Terms
Term of the agreement
No fixed term - subject to periodic re-election at the AGM
On appointment, the Non-Executive Directors' sign a letter of appointment with the Company which outlines the Board's policies and
terms regarding their appointment including the remuneration relevant to the office of Director. The major provisions relating to
remuneration are set out below.
Base remuneration
$78,750
Superannuation
Statutory rate
None specified
Particulars
Terms
Term of the agreement
No fixed term - subject to periodic re-election at the AGM
Base remuneration
$47,250
Termination of agreement
Bonus payable
N/A
Base remuneration
$47,250
Superannuation
Statutory rate
REMUNERATION REPORT (continued)
D. Directors' and Other Key Management Personnel Agreements (continued)
Dr Richard Lipscombe (Managing Director)
Jacqueline Gray (Chief Financial Officer and Head of Corporate Development)
On appointment, the Executive Director and Key Management Personnel sign a letter of appointment with the Company which outlines
the Board's policies and terms regarding their appointment including the remuneration relevant to the office of Director. Remuneration
and other terms of employment for the Executive Director and Other Key Management Personnel are formalised in services agreements.
The major provisions relating to remuneration are set out below.
Particulars
Terms
Term of the agreement
No fixed term
Base remuneration
$365,000
Superannuation
Statutory rate
Bonus payable
At the absolute discretion of the Board
Leave entitlements
30 days annual leave and no long-service leave
Termination of agreement
1 month (incapacitated / ill / unsound mind), 1 month (serious or persistent breaches), immediate
(conviction / major criminal offence), 3 months (if without reason)
Particulars
Terms
Term of the agreement
No fixed term
Leave entitlements
20 days annual leave
Termination of agreement
3 months notice
Base remuneration
$230,000
Superannuation
Statutory rate
Bonus payable
At the absolute discretion of the Board
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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46
47
REMUNERATION REPORT (continued)
E. Share-based Compensation
Employee Incentive Options issued to Chief Financial Officer and Head of Corporate Development (CFO):
(i) Tranche 1, 2 and 3 Options:
Particulars
Tranche 1
Tranche 2
Tranche 3
Number of CFO options
50,000
50,000
50,000
Valuation date
20 July 2021
20 July 2021
20 July 2021
Vesting date
12 July 2022
12 July 2023
12 July 2024
Expiry date
12 July 2024
12 July 2024
12 July 2024
Underlying share price used
$1.015
$1.015
$1.015
Exercise price
$1.16
$1.16
$1.16
Risk-free rate
0.13%
0.13%
0.13%
Volatility
75%
75%
75%
Dividend yield
nil
nil
nil
Valuation per Option
$0.4558
$0.4558
$0.4558
(ii) FY24 Employee Incentive Options:
Particulars
FY24 Class A
FY24 Class B
FY24 Class C
FY24 Class D*
Number of CFO options
400,000
240,000
160,000
800,000
Valuation date
17 June 2024
17 June 2024
17 June 2024
17 June 2024
Expiry date
30 June 2027
30 June 2027
30 June 2028
30 June 2028
Vesting date
17 June 2024
17 June 2024
17 June 2024
to be determined
Underlying share price used
$0.815
$0.815
$0.815
$0.815
Exercise price
$1.50
$2.50
$3.50
$5.00
Risk-free rate
3.79%
3.79%
3.79%
3.79%
Volatility
75%
75%
75%
75%
Dividend yield
nil
nil
nil
nil
Valuation per Option
$0.2938
$0.1974
$0.2129
$0.1602
(iii) Performance Rights - Chief Financial Officer and Head of Corporate Development (CFO):
2024
2023
2024
2023
Rights
Rights
$
$
CFO
50,000
61,574
( 33,117)
23,056
The assessed fair value at grant date was determined using a Black-Scholes Model with the following key inputs:
The following options were issued on 20 July 2021 pursuant to the terms of an Employee Incentive Options Plan and are issued in three tranches of 50,000
options with differing vesting dates.
The following options were issued to the CFO on 17 June 2024 pursuant to the terms of an Employee Incentive Options Plan.
The assessed fair value at grant date was determined using a Black-Scholes Model with the following key inputs:
50,000 Milestone C performance rights are subject to the Company achieving an annual net profit target set by the Board and independently verified by
the Company's auditors, and were issued on 20 July 2021 and will lapse after 3 full financial years of the commencement of the Employment Contract.
Each performance right automatically converts into one ordinary share on vesting at an exercise price of nil. The CFO (referred to as an executive) does not
receive any dividends and is not entitled to vote in relation to the performance rights during the vesting period. If an executive ceases to be employed by
the Company within this period, the performance rights issued to that executive will be forfeited.
The fair value of these performance rights at grant date was estimated by taking the market price of the Company's shares on that date less the present
value of expected dividends that will not be received by the executives on their rights during the vesting period. The fair value of the milestone C
performance rights at grant date was $1.015 per performance right. As at 30 June 2024, a share-based payment expense of $17,072 is recognised in the
statement of profit or loss and other comprehensive income.
The total determined value at grant date for these CFO options is $68,372 and the amount allocated to the statement of profit or loss and other
comprehensive income for the year ended 30 June 2024 is $8,290 (30 June 2023 was $20,290). As these options subsequently lapsed on 12 July 2024,
$68,121 reflecting share-based payment expense recognised from grant date to 30 June 2024, is transferred from the share-based payment reserve to
accumulated losses in the Statement of Changes in Equity (refer to Note 23).
Once vested, may be exercised at any time prior to the expiry date. Options not exercised shall lapse on the expiry date. Options will immediately lapse if
employment ceases prior to the vesting date.
The total determined value for these Employee Share Options is $327,120, of which $211,195 is recognised as share-based payments expense in the
statement of profit or loss and other comprehensive income for the year ended 30 June 2024.
*The Company plans to issue the 800,000 FY24 Class D options, exercisable at a share price of $5, expiring on 30 June 2028, following shareholder approval
to increase the 5% issue cap.
REMUNERATION REPORT (continued)
F. Additional Disclosure relating to Key Management Personnel
Balance at the
start of the year
Received as part of
remuneration
Shares Received on
vesting of
performance rights
Other changes
during the year (i)
Balance at the end
of the year
19,048,704
-
-
( 2,631,579)
16,417,125
975,824
-
-
-
975,824
1,036,511
-
-
-
1,036,511
Neville Gardiner
117,647
-
-
-
117,647
Dr Robyn Elliot (ii)
-
-
-
-
-
52,521
-
11,574
-
64,095
(ii) Dr Robyn Elliott resigned as a non-executive director on 12 August 2024.
Balance at the
start of the year
Received as part of
remuneration
Shares Received on
exercise of options
Balance at the end
of the year
(vested)
Balance at the end
of the year
(unvested)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Neville Gardiner (i)
500,000
-
-
500,000
-
Dr Robyn Elliott (i)(ii)
250,000
-
-
250,000
-
Jacqueline Gray (iii)
150,000
1,600,000
-
950,000
800,000
Ian Roger Moore
Paul House
Directors and Key
Management Personnel
2024
(iii) 150,000 options subsequently lapsed on 12 July 2024. 800,000 FY24 Employee Share Options were issued on 17 June 2024 under
the Employee Incentive Options Plan. The Company plans to issue a further 800,000 options under the Employee Incentive Options
Plan, exercisable at a share price of $5, expiring on 30 June 2028, following shareholder approval to increase the 5% issue cap. These
options will vest upon issue.
(ii) Dr Robyn Elliott resigned as a non-executive director on 12 August 2024.
(i) Director C and Director D options were granted on 15 November 2021 to Non-Executive Directors Neville Gardiner and Dr Robyn
Elliot as an effective and efficient method of supplementing Non-Executive Director's fees. The issue of these Director C and Director
D options was approved by the shareholders at the AGM on 24 November 2022, and have been revalued at the issue date of 24
November 2022.
The number of options in the Company held during the year by each Director and other members of the Key Management Personnel
of the consolidated entity, including their personally related parties, is set out below:
Option holding
Dr Richard Lipscombe
(i) Reflects the sale of shares in the market by directors and key management personnel and/or their related parties.
Ian Roger Moore
Jacqueline Gray
Paul House
Dr Richard Lipscombe
2024
The number of shares in the Company held during the year by each Director and other members of Key Management Personnel of
the consolidated entity, including their personally related parties, is set out below:
Shareholding
Directors and Key
Management Personnel
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Due to the conditions not being satisfied, a credit of $50,189 has been recognised in the share-based payment expense in the statement of profit or loss
and other comprehensive income, representing a reversal of expense recognised from grant date to 30 June 2024.
SHARES UNDER OPTION
Unissued ordinary shares of the Company under option at the date of this report are as follows:
Date granted
Expiry date
Exercise price
Number
under option*
23/11/2025
$1.32
375,000
23/11/2026
$1.76
375,000
30/06/2027
$1.50
1,520,000
30/06/2027
$2.50
912,000
30/06/2028
$3.50
608,000
3,790,000
The options are exercisable at any time before the expiry date.
INSURANCE OF OFFICERS
PROCEEDINGS ON BEHALF OF THE COMPANY
NON-AUDIT SERVICES
AUDITOR'S INDEPENDENCE DECLARATION
Neville Gardiner
Chairman
Perth, Western Australia
Dated 22 August 2024
A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is attached on page 50.
This report is made in accordance with a resolution of the Directors.
17/06/2024
The Company may decide to employ the auditor on assignments additional to their statutory audit duties, where the auditors' expertise and experience with
the Company are important. No non-audit services provided by BDO during the year ended 30 June 2024 (30 June 2023 was $11,680).
During the year ended 30 June 2024, the Company paid a premium in respect of a contract insuring the Directors and Officers of the Company and any
subsidiary against a liability incurred as a Director or Officer to the extent permitted by the Corporations Act 2001. Due to a confidentiality clause in the policy,
the amount of the premium has not been disclosed.
The liabilities insured are legal costs that may be incurred in defending civil or criminal proceedings that may be brought against the officers in their capacity as
officers of the Company, and any other payments arising from liabilities incurred by the officers in connection with such proceedings, other than where such
liabilities arise out of conduct involving a willful breach of duty by the officers or the improper use by the officers of their position or of information to gain
advantage for themselves or someone else or to cause detriment to the Company. It is not possible to apportion the premium between amounts relating to the
insurance against legal costs and those relating to other liabilities.
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the Company, or to intervene in
any proceedings to which the Company is a party, for the purposes of taking responsibility on behalf of the Company for all or part of those proceedings.
The number of options that were converted into shares during the year ended 30 June 2024 was 1,250,000 (30 June 2023: 5,790,279).
No proceedings have been brought or intervened in on behalf of the Company with leave of the Court under section 237 of the Corporations Act 2001 .
The number of options that lapsed during the year ended 30 June 2024 was 300,000 (30 June 2023: 500,000).
24/11/2022
24/11/2022
17/06/2024
17/06/2024
* The Company plans to issue a further 3,040,000 options (CFO: 800,000; Employees 2,240,000) under the Employee Incentive Options Plan, exercisable at a
share price of $5, expiring on 30 June 2028, following shareholder approval to increase the 5% issue cap.
48
49
REMUNERATION REPORT (continued)
F. Additional Disclosure relating to Key Management Personnel (continued)
Balance at the start
of the year
Received as part of
remuneration
Shares Received on
exercise of
performance rights
Balance at the end
of the year (vested)
Balance at the end
of the year
(unvested)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Neville Gardiner
-
-
-
-
-
Dr Robyn Elliott
-
-
-
-
-
Jacqueline Gray
61,574
-
( 11,574)
-
50,000
G. Transactions with Key Management Personnel
(i) Loans with key management personnel; and
(ii) Consultancy services
H. VOTING AND COMMENTS MADE AT THE COMPANY'S ANNUAL GENERAL MEETING
Dr Richard Lipscombe
Ian Roger Moore
Paul House
THIS IS THE END OF THE AUDITED REMUNERATION REPORT
The Company did not enter into the following transactions with key management personnel during the year:
At the 2023 Annual General Meeting, more than 75% of votes cast were in favour of adoption of the Company’s remuneration
report for the 2023 financial year. The Company did not receive any comments at the Annual General Meeting on its
remuneration report.
2024
Directors and Key
Management
Personnel
Rights holding
The number of rights in the Company held during the year by each Director and other members of the Key Management
Personnel of the consolidated entity, including their personally related parties, is set out below:
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Dated 23 August 2024
50
51
Auditor’s Independence Declaration
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Financial
Statements
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY ASHLEIGH WOODLEY TO THE DIRECTORS OF PROTEOMICS
INTERNATIONAL LABORATORIES LTD
As lead auditor of Proteomics International Laboratories Ltd for the year ended 30 June 2024, I declare
that, to the best of my knowledge and belief, there have been:
1.
No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2.
No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Proteomics International Laboratories Ltd and the entities it controlled
during the period.
Ashleigh Woodley
Director
BDO Audit Pty Ltd
Perth
23 August 2024
52
53
Financial Statements
Consolidated
Consolidated
Entity
Entity
2024
2023
Notes
$
$
Revenue from continuing operations:
- Services
5
892,143
730,340
- Research grants and other income
2(a)
220,041
593,328
Other income
- Interest income
282,227
136,505
- Research and development tax incentive
2(a)
2,156,377
1,848,832
- Profit on sale of plant & equipment
2(b)
15,230
11,857
Total revenue and other income from continuing operations
3,566,018
3,320,862
Employment and labour expenses
2(c)
4,772,623
4,784,670
Share-based payments expense
11(d)
778,306
324,374
Depreciation expense
2(d)
727,694
529,529
Intellectual property maintenance expenses
185,832
268,532
Interest expense - lease liabilities
23,177
-
Laboratory supplies
1,665,340
1,903,797
Professional fees
783,369
720,716
Travel and marketing expenses
328,715
313,185
Laboratory access fees
164,160
173,120
Loss in foreign currency translation
2(b)
7,736
8,536
Other expenses
610,879
528,713
Total Expenditure
10,047,831
9,555,172
(Loss) before income tax
( 6,481,813)
( 6,234,310)
Income tax (expense) / benefit
3(a)
-
-
(Loss) after income tax from continuing operations
( 6,481,813)
( 6,234,310)
Total comprehensive (loss) for the year attributable to:
Equity holders of Proteomics International Laboratories Ltd
( 6,376,219)
( 6,176,573)
Non-controlling interests
( 105,594)
( 57,737)
( 6,481,813)
( 6,234,310)
Basic (loss) per share for the year attributable to the members of
Proteomics International Laboratories Ltd (cents)
22
( 5.07)
( 5.30)
Diluted (loss) per share (cents)
N/A
N/A
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME FOR THE YEAR ENDED 30 JUNE 2024
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying
notes.
Consolidated
Consolidated
Entity
Entity
2024
2023
Notes
$
$
CURRENT ASSETS
Cash and cash equivalents
4
6,640,244
6,027,315
Trade and other receivables
184,257
145,730
Other assets
6
2,340,125
2,153,812
TOTAL CURRENT ASSETS
9,164,626
8,326,857
NON-CURRENT ASSETS
Property, plant and equipment
7
1,397,229
1,620,852
Other assets
-
59,563
Right-of-use assets
312,245
67,095
Intangible assets
1,012
1,012
TOTAL NON-CURRENT ASSETS
1,710,486
1,748,522
TOTAL ASSETS
10,875,112
10,075,379
CURRENT LIABILITIES
Trade and other payables
8
516,418
580,041
Deferred income
5
249,154
368,756
Lease liabilities
95,358
30,541
Provisions
9
44,064
123,468
TOTAL CURRENT LIABILITIES
904,994
1,102,806
NON-CURRENT LIABILITIES
Deferred income
5
379,013
582,494
Lease liabilities
221,037
33,547
Provisions
9
120,881
33,276
TOTAL NON-CURRENT LIABILITIES
720,931
649,317
TOTAL LIABILITIES
1,625,925
1,752,123
NET ASSETS
9,249,187
8,323,256
EQUITY
Issued capital
10
36,809,702
30,180,264
Reserves
12
2,273,853
1,828,310
Accumulated (losses)
13(a)
( 29,671,037)
( 23,627,581)
Parent Entity Interest
9,412,518
8,380,993
Non-controlling Interest
13(b)
( 163,331)
( 57,737)
TOTAL EQUITY
9,249,187
8,323,256
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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54
55
CONSOLIDATED ENTITY 30 JUNE 2024
Issued Capital
Reserves
(Accumulated
Total Equity
Notes
Ordinary
Losses)
$
$
$
$
$
Balance at 1 July 2023
30,180,264
1,828,310
( 23,627,581)
( 57,737)
8,323,256
-
-
( 6,376,219)
-
( 6,376,219)
(Loss) attributable to non-controlling interest
-
-
-
( 105,594)
( 105,594)
Other comprehensive income/(loss) for the year
-
-
-
-
-
Total comprehensive (loss) for the year
-
-
( 6,376,219)
( 105,594)
( 6,481,813)
Transactions with Equity Holders in
their capacity as Equity Holders
Equity issued net of share issue costs
10
6,010,192
-
-
-
6,010,192
Conversion of options net of costs
10
619,246
( 147,500)
147,500
-
619,246
Expiry/ lapse of options
-
( 185,263)
185,263
-
-
Share-based payments expense
11(d)
-
778,306
-
-
778,306
6,629,438
445,543
332,763
-
7,407,744
Balance as at 30 June 2024
36,809,702
2,273,853
( 29,671,037)
( 163,331)
9,249,187
CONSOLIDATED ENTITY 30 JUNE 2023
Issued Capital
Reserves
(Accumulated
Non-
Total Equity
Notes
Ordinary
Losses)
controlling
interest
$
$
$
$
$
Balance at 1 July 2022
19,340,914
1,682,998
( 17,630,070)
-
3,393,842
(Loss) for the year attributable to
-
-
( 6,176,573)
-
( 6,176,573)
members of the parent entity
(Loss) attributable to non-controlling interest
-
-
-
( 57,737)
( 57,737)
Other comprehensive income for the year
-
-
-
-
-
Total comprehensive (loss) for the year
-
-
( 6,176,573)
( 57,737)
( 6,234,310)
Transactions with Equity Holders in
their capacity as Equity Holders
Equity issues net of share issue costs
10
7,334,924
-
-
-
7,334,924
Conversion of options
3,504,426
( 179,062)
179,062
-
3,504,426
Share-based payments expense
11(d)
-
324,374
-
-
324,374
10,839,350
145,312
179,062
-
11,163,724
Balance as at 30 June 2023
30,180,264
1,828,310
( 23,627,581)
( 57,737)
8,323,256
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
(Loss) for the year attributable to members of
the parent entity
Non-controlling
interest
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Consolidated
Consolidated
Entity
Entity
2024
2023
Notes
$
$
Cash flows from operating activities
Receipts from customers, grants and other income
847,077
2,041,098
Payments to suppliers and employees
( 8,508,380)
( 9,555,415)
Interest paid on Lease Liabilities
( 23,177)
-
Interest received
242,501
109,504
Research and development tax incentive
1,848,832
1,711,902
Net cash (outflow) from operating activities
4
( 5,593,147)
( 5,692,911)
Cash flows from investing activities
Proceeds from sale of plant and equipment
15,230
52,779
Payment for plant and equipment
( 403,251)
( 1,217,910)
Net cash (outflow) from investing activities
( 388,021)
( 1,165,131)
Cash flows from financing activities
Proceeds from the issue of shares (net of costs)
6,010,189
7,345,753
Proceeds from the conversion of options (net of costs)
619,246
3,493,597
Loans to employees
62,886
( 62,500)
Repayment of lease liabilities
( 98,224)
( 3,007)
Net cash inflow from financing activities
6,594,097
10,773,843
Cash and cash equivalents at 1 July
6,027,315
2,111,514
Net increase in cash and cash equivalents
612,929
3,915,801
Cash and cash equivalents at 30 June
4
6,640,244
6,027,315
CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 30 JUNE 2024
The above Consolidated Statement of Cash Flow should be read in conjunction with the accompanying notes.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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57
1. SUMMARY OF MATERIAL ACCOUNTING POLICIES
The financial report of Proteomics InternaƟonal Laboratories Ltd and its subsidiaries (the Company) for the financial year ended 30 June 2024
was authorised for issue in accordance with a resoluƟon of the Directors on the 23 August 2024.
The Company is a public company limited by shares, incorporated and domiciled in Australia, and whose shares are traded on the Australian
SecuriƟes Exchange.
The nature of the operaƟons and principal acƟviƟes of the Company are described in the Director’s report above.
(a)
Basis of preparaƟon
The principle accounƟng policies adopted for the preparaƟon of financial statements are set out below. These accounƟng policies have been
applied consistently to all periods presented unless otherwise stated.
(i)
Statement of compliance
These general purpose financial statements have been prepared in accordance with the requirements of the CorporaƟons Act 2001, Australian
AccounƟng Standards and InterpretaƟons issued by the Australian AccounƟng Standards Board and the CorporaƟons Act 2001.
The Company is a for profit enƟty for the purpose of preparing the financial statements.
The financial statements of the Company also comply with the InternaƟonal Financial ReporƟng Standards (IFRS) as issued by the InternaƟonal
AccounƟng Standards Board (IASB).
(ii)
Basis of measurement
The financial statements have been prepared on an accruals basis and are based on historical cost other than investments which are recorded
at fair value. The financial statements are presented in Australian dollars and all values are rounded to the nearest dollar unless otherwise
stated.
(iii)
Going Concern
The financial statements have been prepared on a going concern basis, which contemplates conƟnuity of normal business acƟviƟes and the
realisaƟon of assets and seƩlement of liabiliƟes in the ordinary course of business.
(b)
Segment InformaƟon
The chief operaƟng decision maker has been idenƟfied as the Board of Directors (the Board).
The Board monitors the operaƟons of the Company as one single segment. The actual to budget items and a detailed profit or loss are
reported to the Board to assess the Company's performance.
The Board has determined that strategic decision making is facilitated by evaluaƟon of the operaƟons of the legal parent and subsidiaries,
which represent the operaƟonal performance of the Company’s revenues and the research and development acƟviƟes as well as the finance,
treasury, compliance and funding elements.
(c)
EsƟmates and judgements
The preparaƟon of the financial statements requires the use of accounƟng esƟmates and judgements which, by definiƟon, will seldom equal
the actual results. This note provides an overview of the areas that involve a degree of judgement or complexity in preparing the financial
informaƟon. Facts and circumstances may come to light aŌer the event which may have significantly varied the assessment used, and which
may result in a materially different value being recorded at the Ɵme of preparing these financial statements.
(i)
Deferred taxes
Deferred tax assets have not been brought to account as it is not considered probable that the Company will make taxable profits
over the next 12 months. The Company will make a further assessment at the next reporƟng period.
(ii)
Impairment of assets
The Company assesses the impairment of assets at each reporƟng date by evaluaƟng condiƟons specific to the asset that may lead
to impairment. The assessment of impairment is based on the best esƟmate of future cash flows available at the Ɵme of preparing
the report. However, facts and circumstances may come to light in later periods which may change this assessment if these facts
had been known at the Ɵme.
1. SUMMARY OF MATERIAL ACCOUNTING POLICIES (conƟnued)
(c)
EsƟmates and judgements (conƟnued)
(iii)
Recoverability of Research & Development tax incenƟve
The Company has registered its research and development acƟviƟes with the Department of Industry, InnovaƟon and Science.
Therefore, the Company is enƟtled to claim a tax incenƟve each year based on eligible research and development costs it incurs
and, based on successful claim in previous years, the Company expects that it will receive the amount calculated.
(iv)
Share-Based Payments
Equity seƩled share-based payments to employees are measured at the fair value of the equity instruments at the grant date. The
fair value excludes the effect of non-market based vesƟng condiƟons. Details regarding the determinaƟon of the fair value of equity
seƩled share-based transacƟons are set out in the Share Based Payments note.
The fair value determined at the grant date of the equity seƩled share-based payments is expensed on a straight line basis over
the vesƟng period, based on the Group's esƟmate of the number of equity instruments expected to vest as a result of the effect of
non-market based vesƟng condiƟons.
(d)
Revenue recogniƟon and other income
Revenue is recognised when or as the Company transfers control of goods or services to a customer, at the amount to which the Company
expects to be enƟtled.
The following is a descripƟon of the principal acƟviƟes from which the Company generates its revenue and other income:
(i)
Grant and equivalent/other income including the Research & Development Tax IncenƟve
Grant and equivalent and other income are recognised at their fair value where it is probable that the grant and other income will
be received.
The Company is eligible to claim, and receive, a tax credit for its qualifying research and development acƟviƟes (Research &
Development tax incenƟve). The Research & Development tax credit to be received by the Company in relaƟon to the year ended
30 June 2024 is esƟmated to be $2,156,377.
(ii)
Revenue from contracts with customers - CommercialisaƟon of PromarkerD
Revenue from commercialisaƟon of PromarkerD is measured based on the consideraƟon specified in a contract with a customer.
The Company recognises revenue when it transfers control over a product or service to a customer.
(iii)
Revenue from contracts with customers - Sales of AnalyƟcal and Other Services
Revenue from the provisions of analyƟcal and other services is recognised in the accounƟng period in which the services are
rendered.
If services rendered by the Company exceed the payment received, a contract asset is recognised. If the payment received exceeds the
services rendered, a contract liability is recognised.
In some circumstances, analyƟcal and other services are bundled together with provision of sales of services and products. The sale of
products is a separate performance obligaƟon and transacƟon price is allocated to the products and services on a relaƟve stand-alone selling
price basis.
(e)
Share-based payments
Share-based payments compensaƟon benefits are provided to employees, Directors and consultants via the issues of shares, performance
rights and/or opƟons. The fair value of the shares, performance rights and opƟons granted as compensaƟon benefits are recognised as a
share-based payments expense in the statement of profit or loss and other comprehensive income with a corresponding increase in equity
in the statement of financial posiƟon.
Share-based payments compensaƟon benefits are provided to consultants for capital raising via the issues of shares and/or opƟons.
The fair value of the shares and opƟons granted in relaƟon to capital raisings are recognised as a transacƟon cost and offset against equity in
the statement of financial posiƟon.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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59
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
1. SUMMARY OF MATERIAL ACCOUNTING POLICIES (conƟnued)
(f)
Foreign currency translaƟon and transacƟons
Both the funcƟonal and presentaƟon currency of the Company is in Australian dollars.
(g)
Joint Arrangements
The Company entered into a collaboraƟve joint arrangement with the University of Western Australia during the year ended 30 June 2020 for
the expansion and operaƟon of the Western Australian Proteomics Facility.
The collaboraƟon arrangement is not structured through a separate enƟty. Both parƟes to the arrangement will operate independently with
each party maintaining independent rights to the assets of the collaboraƟon, and liabiliƟes resulƟng from acƟviƟes under the arrangement
will be several, and not joint or joint and several. The arrangement has therefore been classified as a joint operaƟon and the Company
recognises its direct right to the jointly held assets liabiliƟes, revenues and expenses in accordance with AASB 11 - Joint Arrangement.
(h)
Property, plant and equipment
The Company's accounƟng policy for plant and equipment is stated at historical cost less depreciaƟon.
DepreciaƟon is calculated on a diminishing value basis or on a straight line basis, as appropriate, to write off the net cost of each item of plant
and equipment (excluding land) over their expected useful lives as follows:
Plant and equipment
3-10 years
The residual values, useful lives and depreciaƟon methods are reviewed, and adjusted if appropriate, at each reporƟng date.
Leasehold improvements and plant and equipment under finance lease are depreciated over the unexpired period of the lease or the
esƟmated useful life of the assets, whichever is shorter.
(i)
New AccounƟng Standards not yet Mandatory
Certain new/amended accounƟng standards and interpretaƟons have been issued but are not mandatory for financial years ended 30 June
2024 and have not been earlier adopted in preparing the financial statements. The Group's assessment of the impact of these new standards
is that they are not expected to have a material impact on the Group in the current or future reporƟng periods.
2. LOSS FOR THE YEAR
Notes
Consolidated
Consolidated
Entity
Entity
2024
2023
Loss for the full year included the following:
$
$
(a) Research & Development Tax incentive (i)
2,156,377
1,848,832
Grants received
-
413,515
Other income
220,041
179,813
(b) Other expenses (income)
Unrealised loss (gain) in foreign currency translation
-
430
Realised loss (gain) in foreign currency translation
7,736
8,106
(Gain) loss on sale of plant and equipment
( 15,230)
( 11,857)
(c) Employee and labour expenses
Salaries and wages
3,743,668
3,809,863
Other personnel costs
549,596
555,355
Superannuation
426,943
427,364
Increase (decrease) in leave liabilities
52,416
( 7,912)
4,772,623
4,784,670
(d) Depreciation expense
Depreciation on property, plant and equipment
7
626,874
529,529
Depreciation on right-of-use assets
100,820
-
727,694
529,529
(i) Research & Development Tax incentive
3. INCOME TAX EXPENSE / (BENEFIT)
Consolidated
Consolidated
(a) Income tax expense / (benefit)
Entity
Entity
2024
2023
$
$
Current tax / (over provision in prior year)
-
-
Deferred tax
-
-
(b) Numerical reconciliation of income tax to prima facie tax
(Loss) from continuing operations
( 6,481,813)
( 6,234,310)
Tax at the Australia tax rate 25%
( 1,620,453)
( 1,558,578)
Tax effect of the amounts that are not deductible / (taxable) in
calculating taxable income:
- Share based payments
194,577
81,094
- Research and development tax incentive
( 566,370)
( 462,208)
- Expected credit losses
48,658
28,494
- Reduction in loss for tax credit
1,943,588
1,911,198
-
-
The Company undertakes a substantial amount of research in its daily activities. The Company has registered its activities and is able to
claim a tax incentive (rebate) each year based on eligible research and development costs incurred during a financial year. The
estimated amount of the incentive (rebate) is included as an income item in the consolidated statement of profit or loss and other
comprehensive income for the year ended 30 June 2024, and the corresponding receivable included in the consolidated statement of
financial position. The receipt of the tax incentive will occur in the year ended 30 June 2025.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
3. INCOME TAX EXPENSE / (BENEFIT) (continued)
(c)
Tax losses
Unused tax losses for which no deferred tax assets have been recognised:
Notes
Consolidated
Consolidated
Entity
Entity
2024
2023
$
$
Australian losses
10,816,894
8,805,801
Potential tax benefit at 25%
2,704,224
2,201,450
(i)
(ii)
(iii)
(d)
Unrecognised temporary differences
Provisions
33,594
( 18,525)
Accruals
8,200
( 30,596)
Tax losses
10,816,894
8,805,801
10,858,688
8,756,680
4. RECONCILIATION OF CASH AND CASH EQUIVALENTS
Cash at bank
441,270
236,859
Deposits at call
6,198,974
5,790,456
6,640,244
6,027,315
Reconciliation of loss after income tax to net cash flows from operating activities
Loss for the year
( 6,481,813)
( 6,234,310)
Non-cash items:
Profit on sale of assets
( 15,230)
( 11,858)
Depreciation
727,694
529,529
Unrealised foreign currency loss (gain)
7,736
430
Share-based payments expense
11(d)
778,306
324,374
Write off capitalised asset
59,563
-
Operating Activities:
(Increase) / decrease in trade and other debtors
( 38,527)
294,395
(Increase) / decrease in other assets
( 252,371)
( 169,422)
Increase / (decrease) in trade and other creditors
( 120,539)
( 874,476)
Increase / (decrease) in deferred revenue
( 323,083)
458,353
Increase / (decrease) in provisions
65,117
( 9,926)
( 5,593,147)
( 5,692,911)
Refer to Note 14 for further information on risk exposure.
The tax benefits of the above deferred tax assets will only be obtained if:
the Company derives future assessable income of a nature and of an amount sufficient to enable the benefits to be utilised;
the Company continues to comply with the conditions for deductibility imposed by law; and
no changes in income tax legislation adversely affects the Company in utilising the benefits.
5.
REVENUE
•
Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors, and
•
Consolidated
Consolidated
Entity
Entity
Product Type
2024
2023
$
$
Licensing Income
15,253
14,881
Analytical Services
876,890
715,459
892,143
730,340
Timing of Transfer of Goods and Services
Point in time
-
-
Over Time
892,143
730,340
892,143
730,340
Primary Geographic Markets
Australia and NZ
782,649
591,049
USA (and Territories)
15,253
90,867
Europe
59,040
12,556
India
34,746
35,750
SE Asia
455
118
892,143
730,340
Deferred Revenue (i)
Current
249,154
368,756
Non-Current
379,013
582,494
628,167
951,250
6.
OTHER ASSETS
Current:
Research and development tax incentive (i)
2,156,377
1,848,832
Patent Fee - Advances
18,697
32,212
Loans to employees
-
62,500
Accrued Income
66,342
90,984
Prepayments (ii)
98,709
119,284
2,340,125
2,153,812
(i) refer to Note 2(a)
(ii) comprises prepaid insurance, subscriptions and equipment maintenance agreement.
7.
PROPERTY, PLANT AND EQUIPMENT
Plant and Equipment at cost
4,144,876
3,741,625
Accumulated depreciation
( 2,747,647)
( 2,120,773)
Closing Net Book Value
1,397,229
1,620,852
Reconciliation:
Opening net book value
1,620,852
973,391
Additions
403,251
1,217,910
Disposals
-
( 40,920)
Depreciation charge
2(d)
( 626,874)
( 529,529)
Closing Net Book Value
1,397,229
1,620,852
Enable users to understand the relationship with revenue information in the statement of profit or loss and other comprehensive
income.
The Company has disaggregated revenue into various categories which is intended to:
(i) Deferred revenue in 2024 and 2023 primarily relates to funds received under the collaboration agreement with University of Western
Australia.
Proteomics International Laboratories Ltd
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63
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
Consolidated
Consolidated
Entity
Entity
2024
2023
8.
TRADE AND OTHER PAYABLES
$
$
Current:
Trade payables
57,590
154,305
Other payables
214,468
225,593
Employee Benefits
244,360
200,143
516,418
580,041
(a)
Classification of trade and other payables:
(b)
Fair value of trade and other payables:
(c)
Refer to Note 14 for further information on risk exposure.
9.
PROVISIONS
Current:
Employee benefits - long service leave
44,064
123,468
Non-current
Employee benefits - long service leave
120,881
33,276
10. ISSUED CAPITAL
2024
2023
2024
2023
No.
No.
$
$
Ordinary Shares
130,892,616
120,978,992
36,809,702
30,180,264
Total consolidated issue capital
Movement in share capital - 30 June 2024
No. of Shares
Amount
Details
30-Jun-24
$
Opening balance
120,978,992
30,180,264
Exercise of performance rights (i)
11,774
-
Exercise of performance rights (ii)
11,574
-
Exercise of performance rights (iii)
47,403
-
Exercise of performance rights (iv)
34,978
-
Exercise of options (v)
1,250,000
625,000
Issue of shares (vi)
8,557,895
6,504,000
Less: Transaction costs
-
( 499,562)
Closing balance
130,892,616
36,809,702
(i)
Unquoted performance rights to employee.
(ii)
Unquoted performance rights to key management personnel.
(iii)
Unquoted FY23 Class A performance rights to employees.
(iv)
Unquoted FY22 Class B performance rights to employees.
(v)
(vi)
On 25 January 2024, 8,557,895 shares at $0.76 per share were issued to new and existing institutional investors for a non-underwritten
placement raising $6,504,000 before costs.
Trade payable are unsecured and are usually paid within 60 days of recognition and therefore are classified as current.
The carrying amount of trade and other payables are assumed to be the same as their fair value, due to their short-term nature.
30/06/2024
01/07/2023
10/07/2023
Date
11/07/2023
11/07/2023
14/08/2023
25/01/2024
10/07/2023
On 14 August 2023, 1,250,000 options issued to consultants (Candour Advisory) were exercised and raised $625,000 before costs. As a
result of the exercise, $147,500 reflecting share-based payment expense previously recognised, is transferred from the share-based
payment reserve to accumulated losses in the Statement of Changes in Equity.
10. ISSUED CAPITAL (continued)
Movement in share capital - 30 June 2023
No. of Shares
Amount
Details
30-Jun-23
$
Opening balance
105,705,875
19,340,914
Exercise of performance rights (i)
47,778
-
Issue of shares (ii)
9,117,647
7,750,000
Exercise of performance rights (iii)
11,521
-
Exercise of performance rights (iv)
11,774
-
Exercise of options (v)
400,000
268,000
Issue of shares (vi)
294,118
250,000
Exercise of options (vii)
50,000
25,000
Exercise of options (vii)
50,000
25,000
Exercise of options (viii)
175,000
87,500
Exercise of options (vii)
150,000
75,000
Exercise of options (ix)
1,100,000
825,000
Exercise of options (x)
1,100,000
825,000
07/02/2023
Exercise of options (vii)
50,000
25,000
Exercise of options (vii)
300,000
150,000
Exercise of options (vii)
98,112
49,056
Exercise of options (vii)
2,092,167
1,046,084
01/05/2023
Exercise of options (viii)
225,000
112,500
Less: Transaction costs
-
( 673,790)
Closing balance
120,978,992
30,180,264
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
17/03/2023
14/02/2023
22/08/2022
27/01/2023
27/01/2023
27/01/2023
19/01/2023
19/01/2023
11/01/2023
24/11/2022
22/11/2022
22/08/2022
Date
1/07/2022
11/07/2022
19/08/2022
Employees exercised 400,000 unquoted employee options pursuant to an Employee Incentive Option Plan.
Consultant Candour Advisory exercised 1,100,000 options.
Consultant Euroz Hartleys Securities Limited exercised 1,100,000 options.
Corporate Advisors Alto Capital and Adelaide Equity Partners exercised 2,790,279 options.
Unquoted performance rights to employee (CCO).
Director B options exercised by Terry Sweet, Ian Roger Moore and Paul House.
30/06/2023
27/03/2023
Issued to Director Neville Gardiner, Ian Roger Moore and Paul House following receipt of shareholder approval on 24
November 2022.
Unquoted Class A performance rights to employees.
Issued to Australian-based institutions, and sophisticated and professional investors.
Unquoted performance rights to key management personnel (CFO).
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
11. OPTIONS
(a) Issued options
2024
2023
No. of Options
No. of Options
Options exercisable at $0.50 each (i)
-
1,250,000
Options exercisable at $1.44 each (ii)
-
300,000
Options exercisable at $1.16 each (iii)
150,000
150,000
Options exercisable at $1.32 each (iv)
375,000
375,000
Options exercisable at $1.76 each (iv)
375,000
375,000
Options exercisable at $1.50 each (v)
1,520,000
-
Options exercisable at $2.50 each (v)
912,000
-
Options exercisable at $3.50 each (v)
608,000
-
Total issued options
3,940,000
2,450,000
(i)
(ii)
(iii)
(iv)
(v)
(b) Movement in issued options
Average
Average
exercise
Number of
exercise
Number of
price
Options
price
Options
As at 1 July
$0.97
2,450,000
$0.66
7,990,279
Exercise of options during the period
$0.67
-
$0.67
( 400,000)
Exercise of options during the period (i)
$0.50
( 1,250,000)
$0.50
( 3,190,279)
Exercise of options during the period
$0.75
-
$0.75
( 2,200,000)
Options lapsed during the period
$1.75
-
$1.75
( 500,000)
Options lapsed during the period (ii)
$1.44
( 300,000)
$1.44
-
Issued during the period
$1.32
-
$1.32
375,000
Issued during the period
$1.76
-
$1.76
375,000
Issued during the period
$1.50
1,520,000
-
-
Issued during the period
$2.50
912,000
-
-
Issued during the period
$3.50
608,000
-
-
As at 30 June
$1.51
3,940,000
$0.97
2,450,000
(ii) These options were issued on 20 July 2021 pursuant to the terms of an Employee Incentive Options Plan in three tranches of 100,000 options
with differing vesting dates. A share-based payment expense of $13,638 is recognised in the statement of profit or loss and other comprehensive
income. As the options expired unexercised on 1 June 2024, $117,142 reflecting share-based payment expense recognised from grant date to 30
June 2024, is transferred from the share-based payment reserve to accumulated losses in the Statement of Changes in Equity.
2023
Unlisted - issued to consultants for services provided.
Unlisted - issued to employee under Employee Incentive Options Plan.
Unlisted - FY24 Class A, B and C options issued to employees under Employee Incentive Options Plan. The Company plans to issue a further
3,040,000 options (CFO: 800,000; Employees 2,240,000) under the Employee Incentive Options Plan, exercisable at a share price of $5,
expiring on 30 June 2028, following shareholder approval to increase the 5% issue cap.
Unlisted - issued to key management personnel (CFO) under Employee Incentive Options Plan.
Unlisted - Director C and Director D options issued to Directors - Neville Gardiner and Dr Robyn Elliot for nil consideration and issued as a
reward and incentive following receipt of shareholder approval on 24 November 2022.
2024
(i) On 14 August 2023, 1,250,000 options issued to consultants (Candour Advisory) were exercised and raised $625,000 before costs. As a result of
the exercise, $147,500 reflecting share-based payment previously recognised, is transferred from the share-based payment reserve to accumulated
losses in the Statement of Changes in Equity.
11. OPTIONS (continued)
Grant Date
Expiry Date
Exercise Price
No. Options
20/07/2021 (i)
12/07/2024
$1.16
150,000
24/11/2022 (ii)
23/11/2025
$1.32
375,000
24/11/2022 (ii)
23/11/2026
$1.76
375,000
17/06/2024 (iii)
30/06/2027
$1.50
1,520,000
17/06/2024 (iii)
30/06/2027
$2.50
912,000
17/06/2024 (iii)
30/06/2028
$3.50
608,000
(i)
Employee Incentive Options - Chief Financial Officer and Head of Corporate Development (CFO)
(ii) Director C and Director D Options
(iii) Employee Incentive Options - FY24 Class A, B, C and D options:
The assessed fair value for these options issued was determined using a Black-Scholes Model with the following key inputs:
FY24 Class A
FY24 Class B
FY24 Class C
FY24 Class D*
Number of options - CFO
400,000
240,000
160,000
800,000
1,120,000
672,000
448,000
2,240,000
17 June 2024
17 June 2024
17 June 2024
17 June 2024
17 June 2024
17 June 2024
17 June 2024
to be determined
30 June 2027
30 June 2027
30 June 2028
30 June 2028
$0.8150
$0.8150
$0.8150
$0.8150
$1.50
$2.50
$3.50
$5.00
3.79%
3.79%
3.79%
3.79%
75%
75%
75%
75%
nil
nil
nil
nil
$0.2938
$0.1974
$0.2129
$0.1602
(c) Outstanding issued options at the end of the year have the following expiry date and exercise price
Unlisted options issued to CFO under the Employee Incentive Options Plan. These options were issued on 20 July 2021 in three tranches of
50,000 options with differing vesting dates. A share-based payment expense of $8,290 is recognised in the statement of profit or loss and
other comprehensive income.
As these options subsequently lapsed on 12 July 2024, $68,121 reflecting share-based payment expense recognised from grant date to 30
June 2024, is transferred from the share-based payment reserve to accumulated losses in the Statement of Changes in Equity (refer to Note
23).
Unlisted - Director C options issued to Directors - Neville Gardiner and Dr Robyn Elliot for nil consideration and issued as a reward and
incentive following receipt of shareholder approval on 24 November 2022.
Volatility
Dividend yield
Valuation per Option
Unlisted options issued on 17 June 2024 under the Employee Incentive Options Plan as part of the incentive structures for the management
team (including the CFO). Options may be exercised at any time prior to the expiry date. Options not exercised shall lapse on the expiry date
and will immediately lapse if employment ceases prior to the vesting date.
The total determined value for these options is $1,243,055, of which $802,542 (CFO: $211,195; Employees: $591,347) is recognised in share-
based payments expense in the statement of profit or loss and other comprehensive income for the year ended 30 June 2024.
Number of options - employees
Particulars
Valuation date
Vesting date
Expiry date
Underlying share price used
Exercise price
Risk-free rate
*The Company plans to issue 3,040,000 options (CFO: 800,000; Employees 2,240,000) under the Employee Incentive Options Plan, exercisable
at a share price of $5, expiring on 30 June 2028, following shareholder approval to increase the 5% issue cap.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
66
67
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
11.
OPTIONS (continued)
(d) Share-based payments expense comprising:
Consolidated
Consolidated
Entity
Entity
2024
2023
Unlisted options
$
$
Employee options - refer note 11(b)(ii)
13,638
35,276
CFO options - refer note 11(c)(i)
8,290
20,290
Director C and Director D options - refer note 11(c)(ii)
-
70,178
FY24 Employee options - refer note 11(c)(iii)
591,347
-
FY24 Employee options - CFO - refer note 11(c)(iii)
211,195
-
Unlisted performance rights
Milestone performance rights to CFO - refer note 12(iv)
17,072
23,056
Milestone performance rights to employees - refer note 12(iv)
65,146
76,904
Forfeiture of CFO milestone performance rights - refer note 12(iv)
( 50,189)
-
Forfeiture of employee milestone performance rights - refer note 12(iv)
( 203,000)
-
FY22, FY23 and FY24 performance rights to employees - refer note 12(iv)
132,519
131,450
Forfeiture of FY22, FY23 and FY24 employee performance rights - refer note 12(iv)
( 7,712)
( 32,780)
778,306
324,374
12. RESERVES
Share based payments reserve comprising:
Unlisted options (i)
Director C & D
256,767
256,767
CFO
211,195
59,831
Employees
799,924
312,081
Payments to consultants
636,166
783,666
Unlisted performance rights
CFO (ii)
23,443
56,560
Employees (iii)
346,358
359,405
2,273,853
1,828,310
(i) Refer to Note 11 for further information.
(ii) Performance Rights issued to Chief Financial Officer and Head of Corporate Development (CFO):
2024
2023
2024
2023
Rights
Rights
$
$
CFO
50,000
61,574
23,443
56,560
Movement in number of rights ‐ 30 June 2024
Number
Number
Number
Number
Number
Class of performance rights
1 July 23
Issued
Exercised
Lapsed
30 June 24
Tranche 2 performance rights
11,574
-
( 11,574)
-
-
Milestone C performance rights
50,000
-
-
-
50,000
61,574
-
( 11,574)
-
50,000
Movement in number of rights ‐ 30 June 2023
Number
Number
Number
Number
Number
Class of performance rights
1 July 22
Issued
Exercised
Lapsed
30 June 23
Tranche 1 performance rights
11,521
-
( 11,521)
-
-
Tranche 2 performance rights
11,574
-
-
-
11,574
Milestone C performance rights
50,000
-
-
-
50,000
73,095
-
( 11,521)
-
61,574
12.
RESERVES (continued)
(iii) Performance Rights issued to Employees:
2024
2023
2024
2023
Rights
Rights
$
$
Tranche 1 & 2 and Milestone performance rights
-
211,774
23,901
161,755
FY22 Class A, B & C performance rights
28,180
65,876
152,440
133,663
FY23 Class A, B & C performance rights
78,948
134,253
110,077
63,987
FY24 Class A, B & C performance rights
119,746
-
59,940
-
226,874
411,903
346,358
359,405
Movement in number of rights ‐ 30 June 2024
Number
Number
Number
Number
Number
Class of performance rights
1 July 23
Issued
Exercised
Lapsed
30 June 24
Tranche 2 performance rights
11,774
-
( 11,774)
-
-
Milestone A performance rights
50,000
-
-
( 50,000)
-
Milestone B performance rights
50,000
-
-
( 50,000)
-
Milestone C performance rights
100,000
-
-
( 100,000)
-
211,774
-
( 11,774)
( 200,000)
-
FY22 Class B performance rights
34,978
-
( 34,978)
-
-
FY22 Class C performance rights
30,898
-
-
( 2,718)
28,180
65,876
( 34,978)
( 2,718)
28,180
FY23 Class A performance rights
47,403
-
( 47,403)
-
-
FY23 Class B performance rights
43,425
-
-
( 2,951)
40,474
FY23 Class C performance rights
43,425
-
-
( 4,951)
38,474
134,253
-
( 47,403)
( 7,902)
78,948
FY24 Class A performance rights
-
41,448
-
-
41,448
FY24 Class B performance rights
-
41,448
-
( 2,299)
39,149
FY24 Class C performance rights
-
41,448
-
( 2,299)
39,149
-
124,344
-
( 4,598)
119,746
411,903
124,344
( 94,155)
( 215,218)
226,874
Movement in number of rights ‐ 30 June 2023
Number
Number
Number
Number
Number
Class of performance rights
1 July 22
Issued
Exercised
Lapsed
30 June 23
Tranche 1 performance rights
11,774
-
( 11,774)
-
-
Tranche 2 performance rights
11,774
-
-
11,774
Milestone A performance rights
50,000
-
-
-
50,000
Milestone B performance rights
50,000
-
-
-
50,000
Milestone C performance rights
100,000
-
-
-
100,000
223,548
-
( 11,774)
-
211,774
FY22 Class A Performance rights
47,778
-
( 47,778)
-
-
FY22 Class B performance rights
47,778
-
-
( 12,800)
34,978
FY22 Class C performance rights
47,778
-
-
( 16,880)
30,898
143,334
-
( 47,778)
( 29,680)
65,876
FY23 Class A performance rights
-
55,898
-
( 8,495)
47,403
FY23 Class B performance rights
-
55,898
-
( 12,473)
43,425
FY23 Class C performance rights
-
55,898
-
( 12,473)
43,425
-
167,694
-
( 33,441)
134,253
366,882
167,694
( 59,552)
( 63,121)
411,903
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
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68
69
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
12. RESERVES (continued)
(iv) Terms and conditions of performance rights:
Tranche 2 Performance Rights
- 11,574 issued to the CFO
- 11,774 issued to employee
Each performance right automatically converts into one ordinary share on vesting at an exercise price of nil and are subject to continuous service
under employment contract.
Milestone Performance Rights
FY23 Performance Rights
These performance rights were issued on 20 July 2021 with a fair value of $1.015 per performance right, vested on 30 June 2023 and were
exercised on 10 July 2023:
- 34,978 FY22 Class B rights were exercised on 10 July 2023.
FY22 Performance Rights
- 28,180 FY22 Class C performance rights vested on 30 June 2024 and were subsequently exercised on 8 July 2024.
The amount (net of forfeiture) recognised as share-based payment expense in the statement of profit or loss and other comprehensive income
for the year ended 30 June 2024 is $18,777*.
FY22 performance rights were issued on 13 December 2021 with a fair value of $1.13 per performance right and in three classes:
- 47,778 FY22 Class A rights were exercised on 22 August 2022
FY24 performance rights were issued on 24 October 2023 with a fair value of $0.89 per performance right and in three classes:
FY24 Performance Rights
Milestone A and B performance rights lapsed on 1 June 2024 due to the conditions not being satisfied.
Milestone C performance rights are subject to the Company achieving an annual net profit target set by the Board and independently verified by
the Company's auditors, and were issued on 20 July 2021 and are due to expire within 3 years of commencement of the Employment Contract.
The fair value of milestone performance rights at grant date was estimated by taking the market price of the Company's shares on that date less
the present value of expected dividends that will not be received by the executive on their rights during the vesting period. The fair value of the
milestone C performance rights at grant date was $1.015 per performance right.
As at 30 June 2024, a share-based payment expense of $17,072 for CFO and $65,146 for employee is recognised in the statement of profit or
loss and other comprehensive income. Refer to note 11(d).
Due to the conditions not being satisfied, a credit of $253,189 (CFO: $50,189; Employee: $203,000 ) has been recognised in the share-based
payment expense in the statement of profit or loss and other comprehensive income, representing a reversal of expense recognised from grant
date to 30 June 2024.
CFO (referred to as an executive) does not receive any dividends and is not entitled to vote in relation to the performance rights during the
vesting period. If an executive ceases to be employed by the Company within this period, the performance rights issued to that executive will be
forfeited.
The amount (net of forfeiture) recognised as share-based payment expense in the statement of profit or loss and other comprehensive income
for the year ended 30 June 2024 is $46,090*.
- 38,474 FY23 Class C performance rights will vest on 30 June 2025.
- 40,474 FY23 Class B performance rights vested on 30 June 2024 and were subsequently exercised on 8 July 2024.
- 47,403 FY23 Class A performance rights were exercised on 10 July 2023.
FY23 performance rights were issued on 24 November 2022 with a fair value of $0.86 per performance right and in three classes:
*Total FY22, FY23, FY24 Performance rights recognised in the statement of profit or loss and other comprehensive income is $132,519, less forfeiture
of $7,712 (net $124,807).
The amount (net of forfeiture) recognised as share-based payment expense in the statement of profit or loss and other comprehensive income
for the year ended 30 June 2024 is $59,940*.
- 39,149 FY24 Class C performance rights will vest on 30 June 2026.
- 39,149 FY24 Class B performance rights will vest on 30 June 2025.
- 41,448 FY24 Class A performance rights vested on 30 June 2024 and were subsequently exercised on 8 July 2024.
13. ACCUMULATED LOSSES
Consolidated
Consolidated
Entity
Entity
(a) Accumulated losses attributed to ordinary shareholders
2024
2023
$
$
Opening balance
( 23,627,581)
( 17,630,070)
Loss for the year attributed to ordinary shareholders
( 6,376,219)
( 6,176,573)
Transfer from reserves upon conversion of options
147,500
179,062
Transfer from reserves upon lapse of options
185,263
-
Closing balance
( 29,671,037)
( 23,627,581)
(b) Accumulated losses attributed to non-controlling interests:
Opening balance
( 57,737)
-
Loss for the year attributed to non-controlling interest
( 105,594)
( 57,737)
Closing balance
( 163,331)
( 57,737)
14. FINANCIAL RISK MANAGEMENT
The Company holds the following financial instruments:
Consolidated
Consolidated
Entity
Entity
2024
2023
$
$
Financial assets
Cash and cash equivalents
6,640,244
6,027,315
Trade and other receivables (i)
184,257
145,730
Research & Development tax incentive (ii)
2,156,377
1,848,832
8,980,878
8,021,877
Financial liabilities
Trade and other payables
( 516,418)
( 1,331,148)
Lease liabilities
( 316,395)
( 64,088)
( 832,813)
( 1,395,236)
(i) excludes prepayments.
(ii) the receipt of the Research & Development tax incentive will occur in the year ending 30 June 2025.
The activities of the Company expose it to a variety of financial risks (including interest rate risk, credit risk and liquidity risk). The Company's overall
risk management program focuses on the unpredictability of the financial markets and seeks to minimise potential adverse effects on the financial
performance of the Company. However, the Company uses different methods to measure different types of risk to which it is exposed. These
methods include sensitivity analysis in the case of interest rate risk and aging analysis for credit risk. At present the Company is not exposed to price
risk.
Risk management is carried out by the Board of Directors with assistance from suitably qualified external advisors where necessary. The Board
provides written principles for overall risk management and further policies will evolve commensurate with the evolution and growth of the
Company.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
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70
71
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
14. FINANCIAL RISK MANAGEMENT (continued)
The main purpose of the financial instruments is to fund the Company's operations.
(a) Market Risk
(i) Cash flow and interest rate risk
Weighted Average
Total
Details
Interest Rate
$
30 June 2024 Consolidated
Financial assets
Cash and cash equivalents
4.25%
6,640,244
30 June 2023 Consolidated
Financial assets
Cash and cash equivalents
2.26%
6,027,315
Exposure
USD
JPY
USD
JPY
Trade receivables
28,027
-
-
-
Sensitivity
2024
2023
2024
2023
$
$
$
$
USD/AUD exchange rate - increase 5%
( 3,076)
-
3,076
-
USD/AUD exchange rate - decrease 15%
11,387
-
( 11,387)
-
Impact on post tax profits
Impact on equity
All other financial instruments have either a zero coupon rate or a fixed interest rate.
Sensitivity
At 30 June 2024, if interest rates had increased by 0.25% or decreased by 0.25% from the year end rates with all other variables held
constant, post-tax loss for the year would have been $16,601 lower / ($16,601) higher, mainly as a result of higher / lower interest income
from cash and cash equivalents (2023 changes of 0.25% / 0.25%: $15,068 lower/ ($15,068) higher).
(ii) Foreign currency risk
The Company is exposed to movements in foreign exchange due to the number of clients that the Company currently works with overseas.
The Company does not currently hedge its exposure to foreign currency sales and therefore the impact on the financial statements at year
end for foreign currency movements is below:
30 June 2024
30 June 2023
The sensitivity of the profit or loss to changes in exchange rates arising in mainly USD/AUD denominated financial instruments and the
impact of the other components of equity is listed below:
It is, and has been throughout the period under review, the Company's policy that no trading in financial instruments for the purpose of
limiting exposure to operational risk shall be undertaken. The main risk is cash flow (interest rate risk, liquidity risk and credit risk). The
Board reviews and agrees policies for managing each of these risks and they are summarised below:
The following sets out the Company's exposure to interest rate risk, including the effective weighted average interest rate by maturity
periods.
The Company's only interest rate risk arises from cash and cash equivalents held. Term deposits and current accounts held with variable
interest rates expose the Company to cash flow interest rate risk.
14. FINANCIAL RISK MANAGEMENT (continued)
(b) Credit risk
Consolidated
Consolidated
Entity
Entity
2024
2023
$
$
Financial assets
Cash and cash equivalents
6,640,244
6,027,315
Trade and Other Receivables
184,257
145,730
Research and development tax incentive
2,156,377
1,848,832
8,980,878
8,021,877
(c) Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash balances and access to equity funding.
Maturities of financial liabilities
The table below analyses the Company's financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to
the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.
The Directors monitor the cash-burn rate of the Company on an ongoing basis against budget. As at reporting date the Company had sufficient
cash reserves to meet its requirements. The Company has no access to credit standby facilities or arrangements for further funding or additional
capacity in its borrowing arrangements.
The financial liabilities the Company had at reporting date included lease liabilities and trade payables incurred in the normal course of the
business. Trade payables were non-interest bearing and were due within the normal 30-60 days terms of creditor payments.
Credit risk is managed on a group basis. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well
as credit exposures to retail customers, including outstanding receivables and committed transactions. For banks and financial institutions, only
independently rated parties with a minimum rating of 'A' are accepted. Otherwise, if there is no independent rating, the board assesses the credit
quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal
or external ratings in accordance with limits set by the board. The compliance with credit limits by customers is regularly monitored by the
managing director. Sales to retail customers are required to be settled in cash (in part, in advance) or using major financial institutional payment
processes, to mitigate credit risk.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
72
73
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
14. FINANCIAL RISK MANAGEMENT (continued)
Contractual maturities
of financial liabilities
Less than 6
Months
6 - 12
Months
Between
1 and 2 years
Between
2 and 5 years
Contractual
Cash Flows
Carrying
Amount
As at 30 June 2024
$
$
$
$
$
$
Non-derivatives
Non‐interest bearing
Trade payables
57,590
-
-
-
57,590
57,590
Other payables
458,828
458,828
458,828
Interest bearing
Lease Liability
86,281
86,281
135,409
56,420
364,391
316,395
Total non-derivative
602,699
86,281
135,409
56,420
880,809
832,813
Contractual maturities
of financial liabilities
Less than
6 Months
6 - 12
Months
Between
1 and 2 years
Between
2 and 5 years
Contractual
Cash Flows
Carrying
Amount
As at 30 June 2023
$
$
$
$
$
$
Non-derivatives
Non‐interest bearing
Trade payables
154,305
-
-
-
154,305
154,305
Other payables
425,736
-
-
425,736
425,736
Interest bearing
Lease Liability
18,036
36,072
12,987
-
67,095
64,088
Total non-derivative
598,077
36,072
12,987
-
647,136
644,129
(d) Fair Value Estimation
(e) Capital management
There were no changes in the Company's approach to the capital management during the year ended 30 June 2024.
The Company is not subject to any externally imposed capital requirements.
The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the
advantages and security afforded by a sound capital position.
The Company has no formal financing and gearing policy or criteria having regard to the early status of its development and low
level of activity.
The fair value of financial assets and liabilities must be estimated for recognition and measurement and for disclosure purposes.
The carrying value less impairment provision of receivables and trade payables are assumed to approximate their fair values due to
their short-term nature.
When managing capital, the Board's objective is to ensure the Company continues as a going concern as well as to maintain optimal
returns to shareholders and benefits for other stakeholders. The Board also aims to maintain a capital structure that ensures the
lowest cost of capital available to the Company.
The Board is constantly adjusting the capital structure to take advantage of favourable costs of capital or high return on assets. As
the market is constantly changing, the board may issue new shares, sell assets to reduce debt or consider payment of dividends to
shareholders.
-
-
-
15. CONSOLIDATED ENTITIES
2024
2023
Name of entity
%
%
Legal Parent
Proteomics International Laboratories Ltd
-
-
Accounting Parent
Proteomics International Pty Ltd
100
100
Other consolidated entities
Proteomics International USA Inc
100
100
Proteomics International (IP) Pty Ltd
100
100
OxiDx Pty Ltd
66
66
OxiDx Operations Pty Ltd
66
66
Two-Tag Holdings Pty Ltd
66
66
Consolidated
Consolidated
Entity
Entity
16. REMUNERATION OF AUDITORS
2024
2023
$
$
(a) Audit services
- BDO Audit Pty Ltd
60,747
55,616
(b) Non-audit services
- BDO Corporate Tax (WA) Pty Ltd (i)
-
11,680
(i) Consulting services provided by BDO.
Consolidated
Consolidated
17. COMMITMENTS
Entity
Entity
2024
2023
Laboratory Access Fees
$
$
Within one year
336,231
-
Later than one year but no later than five years
260,994
-
Later than five years
4,155
-
601,380
-
The Company pays fees to access strategic locations to use laboratories and to maintain specialised equipment to undertake its operations.
Equity Holding
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
74
75
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
Consolidated
Consolidated
18. RELATED PARTIES
Entity
Entity
2024
2023
(a) Directors and Key Management Personnel remuneration
$
$
Short-term employee benefits
829,836
847,176
Post-employment benefits
89,666
84,101
Share-based benefits
186,369
113,525
1,105,871
1,044,802
The following comprise the key management personnel of the Company:
(i) Managing Director
(ii) Chief Financial Officer and Head of Corporate Development (CFO)
(b) Transactions with Key Management Personnel
19. DIVIDENDS
The directors have not paid or declared a dividend during the financial years ended 30 June 2024 and 30 June 2023.
20. CONTINGENT LIABILITIES
The Company is not aware of any material contingent liabilities for the years ended 30 June 2024 and 30 June 2023.
21. SEGMENT REPORTING
22. LOSS PER SHARE
Consolidated
Consolidated
Entity
Entity
2024
2023
$
$
(Loss) attributable to ordinary shareholders
( 6,376,219)
( 6,176,573)
Weighted average number of ordinary shares*
125,848,928
116,453,692
Loss per share (cents)
( 5.07)
( 5.30)
*Includes the effect of the transactions (under continuation accounting) for the purpose of the comparative earnings per share calculation.
The Board has determined that strategic decision making is facilitated by evaluation of the operations of the legal parent and subsidiary which
represent the operational performance of the Company’s revenues and the research and development activities as well as the finance, treasury,
compliance and funding elements of the Company.
The Board monitors the operations of the Company as one single segment. The actual to budget items and a detailed profit or loss are reported to
the board to assess the performance of the Company.
There were no consultancy services provided by key management personnel during the year ended 30 June 2024.
There were no loans were provided by key management personnel during the year ended 30 June 2024.
23. EVENTS OCCURRING AFTER THE REPORTING PERIOD
24. PARENT ENTITY INFORMATION
2024
2023
$
$
Current assets
6,573,673
5,895,164
Total Assets
6,573,673
5,895,164
Current liabilities
142,883
99,684
Non-current liabilities
-
-
Total Liabilities
142,883
99,684
Equity
Share Capital
16,247,032
14,197,741
Reserve
2,273,853
1,828,310
Accumulated Losses
( 12,090,095)
( 10,230,571)
Total Equity
6,430,790
5,795,480
(Loss) for the year
( 1,859,524)
( 1,621,167)
Other comprehensive income / (loss) for the year
-
-
Total comprehensive (loss) for the year
( 1,859,524)
( 1,621,167)
Contingent liabilities of the parent entity:
The Company is not aware of any material contingent liabilities for the year ended 30 June 2024.
Commitments of the parent entity:
Other than as described at Note 17, the Company does not have any other on-going commitments.
25. INTERESTS IN OTHER ENTITIES
The Company does not currently have any interests in other entities.
26. DEED OF CROSS GUARANTEE
The Company has not currently entered into a deed of cross guarantee.
27. ASSETS PLEDGED AS SECURITY
The Company has no assets that have been pledged as security.
The following information relates to the legal parent entity, Proteomics International Laboratories Ltd, as at 30 June 2024. The information presented
here has been prepared using consistent accounting policies as presented in Note 1.
On 8 July 2024, 110,102 fully paid ordinary shares were issued upon the exercise of unquoted performance rights. The performance rights were issued
under the Performance Rights Plan as per the incentive structures for employees.
On 12 July 2024, 150,000 options that were issued to key management personnel expired without being exercised
On 12 August 2024, Dr Robyn Elliot resigned as a non-executive director of the company
No other matters or circumstances have arisen since the end of the financial year that have significantly affected, or may significantly affect the
consolidated entity's operations, or the consolidated entity's state of affairs in future years.
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
PILL
PILL
The Directors of the Company declare that:
1.
(a)
(b)
(c)
2.
3.
4.
5.
Neville Gardiner
Chairman
Perth, Western Australia
Dated:
23 August 2024
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:
The remuneration disclosures included in the Directors' Report (as part of the Remuneration Report) for the year ended 30 June
2024 comply with Section 300A of the Corporations Act 2001 .
The Directors have been given the declarations by the Managing Director required by Section 295A of the Corporations Act 2001 .
The financial statements, comprising the consolidated statement of profit or loss and other comprehensive income, consolidated
statement of financial position, consolidated statement of cash flow, consolidated statement of changes in equity, accompanying
notes, are in accordance with the Corporations Act 2001 and:
comply with Accounting Standard, the Corporations Regulations 2001, other mandatory professional reporting requirements;
and
give a true and fair view of the financial position as at 30 June 2024 and the performance for the year ended on that date of
the consolidated entity; and
comply with International Financial Reporting Standards as disclosed in Note 1.
In the Directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they
become due and payable.
The consolidated entity disclosure statement disclosed on page 76 is true and correct.
76
77
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 30 June 2024
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
For the year ended 30 June 2024
Type of Entity
Country of
Tax
Equity Holding
share
Incorporation
Residency
%
Name of entity
Legal Parent
Proteomics International Laboratories Ltd
Body Corporate
Australia
Australian
-
Accounting Parent
Proteomics International Pty Ltd
Body Corporate
Australia
Australian
100
Other consolidated entities
Proteomics International USA Inc
Body Corporate
USA
Foreign - USA
100
Proteomics International (IP) Pty Ltd
Body Corporate
Australia
Australian
100
OxiDx Pty Ltd
Body Corporate
Australia
Australian
66
OxiDx Operations Pty Ltd
Body Corporate
Australia
Australian
66
Two-Tag Holdings Pty Ltd
Body Corporate
Australia
Australian
66
Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Directors’ declaration
Dated: 23 August 2024
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Proteomics International Laboratories Ltd
Proteomics International Laboratories Ltd
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Independent Auditor’s Report
Independent Auditor’s Report
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
INDEPENDENT AUDITOR'S REPORT
To the members of Proteomics International Laboratories Ltd
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Proteomics International Laboratories Ltd (the Company) and
its subsidiaries (the Group), which comprises the consolidated statement of financial position as at
30 June 2024, the consolidated statement of profit or loss and other comprehensive income, the
consolidated statement of changes in equity and the consolidated statement of cash flows for the year
then ended, and notes to the financial report, including material accounting policy information, the
consolidated entity disclosure statement and the directors’ declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2024 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
Recognition of Research and Development tax incentive (R&D Tax Rebate)
Key audit matter
How the matter was addressed in our audit
The Group receives a 43.5% refundable tax offset of
eligible expenditure under the Research and
Development (R&D) Tax Incentive scheme if its
turnover is less than $20 million per annum, provided
income tax-exempt entities do not control it.
Note 2(a) & 6 of the financial report discloses the
“Research and development (“R&D”) tax incentive”
and note 1(c) and (d) discloses the accounting policy
used by the Group for its recognition of the R&D tax
refund.
We have considered this a key audit matter due to the
amounts involved being material and the inherent
subjectivity associated with the calculation of the R&D
Tax Rebate.
Our audit procedures in respect of this area included
but were not limited to the following:
Obtaining an understanding of the process
undertaken to estimate the claim;
Comparing the eligible expenditure included in
the calculation to the expenditure recorded in the
general ledger;
Comparing the estimates made in the prior year
to the amount of cash received after lodgement
of the R&D tax claim;
Obtaining management’s R&D rebate calculations
and performing the following audit procedures:
•
Reviewing the expenditure methodology
employed by management and R&D
rebate calculations prepared by
management;
•
Testing the mathematical accuracy of
the R&D tax rebate accrual; and
•
Considering the nature of the expenses
against the eligibility criteria of the R&D
tax incentive.
Assessing the adequacy of disclosures in the notes
to the financial report.
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Independent Auditor’s Report
Independent Auditor’s Report
Measurement of the share-based payment
Key audit matter
How the matter was addressed in our audit
During the year, the Group granted share-based
payments in the form of share options and
performance rights to key management personnel and
employees.
Refer to Note 11 and Note 12 to the Financial Report,
Note 1(e) for a description of the accounting policy
and Note 1(c) for the significant estimates and
judgements applied to these arrangements.
Share-based payments are a complex accounting area
and due to the complex and judgemental estimates
used in determining the fair-value of the share-based
payments, we consider the accounting for share-based
payments to be a key audit matter.
Our audit procedures in respect of this area included
but were not limited to the following:
Reviewing market announcements and board
minutes to ensure all the new share-based
payment granted during the year have been
accounted for;
Reviewing relevant supporting documentation to
obtain an understanding of the contractual nature
and terms and conditions of the share-based
payment arrangements;
Reviewing management’s determination of the
fair value of the share-based payments granted,
considering the appropriateness of the valuation
methodology used;
Assessing inputs used in the calculation of the fair
value of rights and options granted;
Involving our internal valuation specialists to
assess the reasonableness of the volatility rate
used in the valuations;
Assessing the allocation of the share-based
payment expense over expected vesting period;
and
Assessing the adequacy of disclosures in the notes
to the financial report.
Other information
The directors are responsible for the other information. The other information comprises the
information in the Group’s annual report for the year ended 30 June 2024, but does not include the
financial report and the auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a) the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b) the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i)
the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 40 to 48 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of Proteomics International Laboratories Ltd, for the year
ended 30 June 2024, complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit Pty Ltd
Ashleigh Woodley
Director
Perth, 23 August 2024
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Shareholder Information
Details of securities as at 9 August 2024
Capital structure*
Securities
Number
Fully paid ordinary shares
131,002,715
Performance rights subject to vesting conditions and expiring on 31 July 2025
77,263
Performance rights subject to vesting conditions and expiring on 31 July 2026
39,149
Performance rights subject to vesting conditions and expiring on 30 September 2024
50,000
Director C Options exercisable at $1.32 each and expiring on 24 November 2025
375,000
Director D Options exercisable at $1.76 each and expiring on 24 November 2026
375,000
Tranche A Employee Options exercisable at $1.50 each and expiring on 30 June 2027
1,520,000
Tranche B Employee Options exercisable at $2.50 each and expiring on 30 June 2027
912,000
Tranche C Employee Options exercisable at $3.50 each and expiring on 30 June 2028
608,000
* d Z } u v ˙ o v } ] ( Z U U
options v Z u o } ˙ / v v ] K ] } v W o
] } ( ¤ æ U ˘ ] ] v P } v : v U ( } o o } ` ] v P Z Z } o
Top holders
The 20 largest registered holders of fully paid ordinary shares were:
Fully paid ordinary shares
Name
Number
%
1.
RICHARD LIPSCOMBE
16,417,128
12.53%
2.
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED
6,847,903
5.23%
3.
MARY GAY DUNLOP
3,855,188
2.94%
4.
NATIONAL NOMINEES LIMITED
3,268,411
2.49%
5.
HIMSTEDT & CO PTY LTD
2,136,471
1.63%
6.
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED
1,968,288
1.50%
7.
RANDOLPH RESOURCES PTY LIMITED
1,949,000
1.49%
8.
MR DIRK CHARLES HAWKER VAN DISSEL
1,942,547
1.48%
9.
QUINTAL PTY LTD
1,845,000
1.41%
10.
MR MANFRED ZIMMER & MRS BEATRICE ZIMMER
1,773,583
1.35%
11.
CITICORP NOMINEES PTY LIMITED
1,659,680
1.27%
12.
XYLO PTY LTD
1,503,700
1.15%
13.
MRS LISA FLOAN
1,420,000
1.08%
14.
SPARROW HOLDINGS PTY LTD
1,348,866
1.03%
15.
BNP PARIBAS NOMS PTY LTD
1,149,063
0.88%
16.
MR KONRAD FLOAN
1,120,000
0.85%
17.
MOORE & SOTOMI INVESTMENTS PTY LTD
975,824
0.74%
18.
BOND STREET CUSTODIANS LIMITED
911,765
0.70%
19.
BIG OAT PTY LTD
706,112
0.54%
20.
SPECTRAL INVESTMENTS PTY LTD
704,632
0.54%
53,503,161
40.83%
Independent Auditor’s Report
*The Company plans to issue a further 3,040,000 options under the Employee Incentive Options Plan, exercisable at a share
price of $5, expiring on 30 June 2028, following shareholder approval to increase the 5% issue cap.
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Voting Rights
The voting rights attaching to ordinary shares are:
On a show of hands every holder of ordinary shares present at a meeting in person or by proxy, is entitled to one vote, and upon a
poll each share is entitled to one vote.
Options and performance rights do not carry any voting rights.
On-Market Buy Back
There is no current on-market buy-back.
Distribution schedule
A distribution schedule of each class of equity security
Fully paid ordinary shares
Range
Holders
Units
%
1
- 1,000
597
355,054
0.27%
1,001
- 5,000
1,012
2,974,825
2.27%
5,001
- 10,000
612
4,977,073
3.80%
10,001
- 100,000
1,068
34,206,786
26.11%
100,001
- Over
167
88,488,980
67.55%
Total
3,456
131,002,718
100.00%
Substantial shareholders
The names of substantial shareholders and the number of shares to which each substantial shareholder and their associates have a
relevant interest, as disclosed in substantial shareholding notices given to the Company, are set out below:
Substantial shareholder
Number of Shares
Richard John Lipscombe and associated entities
16,417,128
Unmarketable parcels
Holdings less than a marketable parcel of ordinary shares (being 588 as at 9 August 2024):
Holders
Units
290
84,489
Unquoted securities
Unquoted securities on issue were:
Options*
Expiry
Exercise
Number of
Number of
Class
Date
Price $
Options
holders
Director C Options
24 November 2025
1.32
375,000
2
Director D Options
24 November 2026
1.76
375,000
2
Employee Options
30 June 2027
1.50
1,520,000
5
Employee Options
30 June 2027
2.50
912,000
5
Employee Options
30 June 2028
3.50
608,000
5
The holders of the Director Options are disclosed in the Directors’ Report. The Employee Options were issued under the Proteomics
Employee Incentive Option Plan.
*The Company plans to issue a further 3,040,000 options under the Employee Incentive Options Plan, exercisable at a share price
of $5, expiring on 30 June 2028, following shareholder approval to increase the 5% issue cap.
Performance rights
Expiry
Number of
Number of
Class
Date
Rights
holders
Performance rights
31 July 2025
77,623
12
Performance rights
31 July 2026
39,149
12
Performance rights
30 September 2024
50,000
1
The Performance Rights are subject to vesting conditions and were issued under the Proteomics Performance Rights Plan.
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Why are proteins important?
Genomes are static - the
genes we are born with are
the genes we die with, but
the protein make up in our
bodies differs from cell to cell
and changes considerably
over time. Cells use the
instructions in our genes to
make proteins. Proteins are
the operational molecules of life and carry out the functions of
living organisms.
The caterpillar and the butterfly have exactly the same genome.
The proteins that their cells make are why they are different.
Looking at the differences in protein composition can tell us
about the state of life, and health, of any organism.
Proteomics is the study of proteins on an industrial scale.
Obituary
Dr John Dunlop
10th July 1942 - 15th Dec 2023
Inaugural Chair, Proteomics International
Director, Proteomics International, 2001 - 2018
On 15 December last year, Proteomics International and the Western
Australian biotechnology industry lost one of its quiet achievers, Dr John
Sutherland Richardson Dunlop. John was a serial entrepreneur and
businessman, active across multiple sectors from biotechnology to
mining and renewable energy for more than 50 years.
In 1982, John established Western Biotechnology with career-long
colleagues Terry Sweet and Dr Bill Parker (both now also former directors
of Proteomics International). The company, which was then the world's
only producer of natural beta-carotene from algal lakes, was acquired by
Hoffmann La Roche, and the plant is still operating today.
In 2001, John became the inaugural Chair of Proteomics International
shortly after it was founded by Bill and Dr Richard Lipscombe. John
served as a director throughout the company's formative years, only
retiring from the board in 2018. John's guidance and steely Scottish
pragmatism contributed enormously to Proteomics International's
growth and ultimate ASX listing (as PIQ) in 2015.
John was one of life's true gentlemen, who wove his interests into a rich
tapestry, from geologist (who also discovered one of the earliest forms
of life on the planet in a rock formation in the Pilbara), to family man,
rowing coach and Morris dancer. John told it like it was, underpinned with
a bone-dry sense of humour. He will be greatly missed by all those who
knew him.
The Company is inaugurating the Proteomics International Industrial Graduate
Scholarship in memory of Dr John Dunlop. The Scholarship will support
outstanding graduate students who wish to undertake an industrial placement
in Western Australia and aims to capture the spirit of John's determination and
enthusiasm for embracing life's opportunities.
Design: Castledine & Castledine
www.proteomicsinternational.com
Directors
Mr Neville Gardiner - Non-Executive Chairman
Dr Richard Lipscombe - Managing Director
Mr Paul House - Non-Executive Director
Mr Roger Moore - Non-Executive Director
Company Secretary
Ms Karen Logan
Principal Place of Business
QEII Medical Centre, QQ Block
6 Verdun Street
Nedlands WA 6009
T: +61 8 9389 1992
E: enquiries@proteomicsinternational.com
W: www.proteomicsinternational.com
Registered Office
Suite 13, The Atrium
123A Colin Street
West Perth WA 6005
Corporate Directory
Auditors
BDO - Australia
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA, 6000, Australia
Accountants
S Pugliese
Suite 13, Level 1
123A Colin Street
West Perth, WA 6005
Share Registry
Automic Group
PO Box 5193
Sydney NSW 2001
T: 1300 288 664
E: hello@automic.com.au
W: automicgroup.com.au
Stock Exchange
ASX
Level 40, Central Park
152-158 St George’s Terrace
Perth WA 6000
ASX Code: PIQ
Investor Relations
Candour Advisory
Dirk Van Dissel
T: +61 408 326 367
E: dirk@candouradvisory.com.au
Proteomics International Laboratories Ltd
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Proteomics International
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