Australia's Proteomics International Laboratories said it has produced and validated the world's first predictive test for the diagnosis of diabetic kidney disease after a four-year study.
ASX-listed Proteomics said in a June 9 release that an AU$2 million, 576-patient, clinical study completed in Western Australia from 2010 to 2014 found that 10% of the patient population with diabetes progressed to kidney disease.
On Tuesday, shares in Proteomics jumped as much as 90.2% to a record high AU$0.390. On Wednesday, shares were quoted at AU$0.495.
The Perth, Australia-based company said the test can be used to predict which patients with diabetes will progress to have diabetic kidney disease, and which people with normal kidney function, as measured by conventional tests, are at risk of developing the disease.
The company said drug companies could use the test "to identify at-risk patient groups and then use their branded therapeutic drugs."
The company said it was in talks with several global pharmaceutical companies about partnering and licensing opportunities to commercialize the test.
According to the U.S. Centers for Disease Control, 1 in 10 of the world's population is tipped to have diabetes by 2035.