Proteome issues new licence for stroke product

Pharma group Proteome Sciences has granted a non-exclusive licence to UK firm Randox Laboratories for its portfolio of stroke biomarkers.

Under the terms of the agreement Randox will develop products for early diagnosis of stroke and subsequent monitoring of treatment outcomes.

Proteome will earn a seven-digit figure (in dollars) from the development milestones, as well as double digit royalties on sales.

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Chief Operating Officer of Proteome Sciences, Dr Ian Pike, said: "Randox's track record of new product introductions has been impressive and we see their testing platforms as an ideal setting for rapid stroke diagnosis."

His colleague, Chief Executive Christopher Pearce, added: "The stroke biomarkers licensed to Randox have the ability to transform the way a stroke is managed and ensure that considerably more patients receive treatment early. This will reduce the levels of disability, lower the cost of care and improve patient outcomes. We are delighted that the importance of our proprietary biomarkers is being properly recognised in diagnostics and drug development."

Proteome's share price rose 6.38% yo 37.50p by 11:49.

NR