Proteomics International Laboratories Ltd. announced that it has extended the term of its letter of intent with Sonic Healthcare USA, Inc. until 31 January 2023. The binding and exclusive LOI, initially signed in August, provides for entering into an Exclusive Licence Agreement for use of Proteomics International's PromarkerD predictive test for diabetic kidney disease in the United States by Sonic Healthcare USA. The extension of one month will provide both parties the necessary time to finalise the agreement.

Importantly a number of key milestones have already been achieved under the LOI. Proteomics International notes that the test has been optimised for a high-throughput environment and PromarkerD became a featured test on the Sonic Reference Laboratory test menu in October. A submission to the American Medical Association was also made in October to secure a Proprietary Laboratory Analysis reimbursement code for the PromarkerD test.

The submission was reviewed by the AMA Current Procedural Terminology Editorial Panel in November and a new dedicated code for PromarkerD was approved and published at the beginning of January 2023. In addition the parties have been working diligently to formalise milestone events and timelines in relation to the commercialisation process.