VRI to use Proteome Systems platform to develop diagnostics

VRI BioMedical and Proteome Systems have signed a non-binding heads of agreement for a collaboration to develop some of VRI's diagnostic tests as point-of-care applications using Proteome Systems' proprietary diagnostic test platform.

"We have IP for a range of diagnostic tests which are ideal for point-of-care applications," explained VRI chief operating officer Dr Peter French.

He said the company had developed a number of lab-based diagnostic tests for a variety of medical conditions, including cancer.

"We have a couple of commercial partners interested in our diagnostic technology if we can supply it as a point-of-care diagnostic, and Proteome Systems has an appropriate rapid diagnostic platform," French said.

Leon Ivory, executive chairman of VRI, said that the agreement would accelerate commercialisation of VRI's diagnostic program and would generate significant commercial benefits to both companies.

French said that while details of the project were still confidential, co-development of the tests had already commenced. He said that a binding agreement would probably be in place in a few weeks.