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Proteomics International Laboratories (ASX:PIQ) - Managing Director, Dr Richard Lipscombe - The Market Herald
Managing Director, Dr Richard Lipscombe
Source: Proteomics International
  • Proteomics International (PIQ) has received firm commitments to undertake a $6 million share placement
  • 12.5 million shares will be issued to sophisticated and professional investors at 48 cents each
  • Additionally, the company will issue 2.2 million options to Euroz Hartleys Securities and Candour Advisory
  • These options will have an exercise price of 75 cents with expiry two years after issue
  • Proteomics will use the funds to manufacture, market, and speed-up regulatory approvals for its PromarkerD test and strengthen its balance sheet
  • PromarkerD is a simple blood test the uses a unique protein 'fingerprint' to detect diabetic kidney disease up to four years before the symptoms appear
  • Proteomics is up 9 per cent on the market with shares trading for 60 cents each

Proteomics International (PIQ) has received firm commitments to undertake a $6 million share placement.

The medical technology company entered a trading halt on Wednesday but did not disclose how much it will be raising.

All up, 12.5 million shares will be issued to sophisticated and professional investors at 48 cents each, representing a 14.9 per cent discount to the 20-day volume weighted average price.

Shares are expected to be issued on or around November 2.

Euroz Hartleys Securities acted as Sole Lead Manager and Bookrunner while Candour Advisory acted as Corporate Advisor.

Additionally, Proteomics will issue 1.1 million options to both Euroz Hartleys and Candour Advisory.

These options will have an exercise price of 75 cents with expiry two years after issue.

Proteomics will use the funds to manufacture, market, and speed-up regulatory approvals for its PromarkerD test and strengthen its balance sheet.

PromarkerD is a simple, low-cost blood test which uses a unique protein 'fingerprint' to detect the onset of diabetic kidney disease up to four years before the symptoms appear.

"We are delighted with the enormous level of support received both from new and existing investors, including U.K. and Australian institutions," Managing Director Dr Richard Lipscombe said.

"Following the recent achievement for PromarkerD, these funds will drive the delivery of the test into major global markets," he added.

Proteomics is up 9 per cent on the market with shares trading for 60 cents each at 12:41 pm AEDT.


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