Join our daily newsletter At The Bell to receive exclusive market insights
- Proteomics International (PIQ) receives firm commitments to raise $8 million to advance marketing, sales and further developments of its technology
- Both new and existing Australian-based institutions, and sophisticated and professional investors support the raise, which comprises 9.4 million shares at 85 cents each
- The first tranche of $7.7 million will settle on August 19, while tranche two is subject to shareholder approval for participation by three of PIQ’s international directors
- The funds will assist building inventory, implementing US sales and marketing for PromarkerD, and also support development of the Promarker diagnostics pipeline
- Proteomics shares are down 3.57 per cent, trading at 94.5 cents at 1:31 pm AEST
Proteomics International (PIQ) has received firm commitments to raise $8 million to advance marketing, sales and further developments of its technology.
Proteomics has developed the Promarker platform, which can identify the presence of a disease through a blood test.
From this, PIQ developed PromarkerD, a world-first predictive test for diabetic kidney disease that is currently being commercialised.
The company has tapped investors for fresh capital as it looks to build inventory and also implement US sales and marketing for PromarkerD.
The funds will also assist development of the Promarker diagnostics pipeline, as tests are being developed for asthma, oesophageal cancer, diabetic retinopathy and oxidative stress.
Both new and existing Australian-based institutions, and sophisticated and professional investors supported the raise, which comprised 9.4 million shares at 85 cents each.
The issue price marks an 11.1 per cent discount to the five day volume-weighted-average price.
With the placement being oversubscribed, Proteomics International Managing Director Dr Richard Lipscombe said the company was delighted with the enormous level of support.
The raise comes as the company signed a letter of intent with Sonic Healthcare USA for an exclusive licence for the use of its PromarkerD test in America.
Mr Lipscombe said the deal marks a major inflexion point in the company’s corporate development and provides a clear route to commercialisation in the United States.
“We have exciting progress in our diagnostics pipeline as we advance towards potential new diagnostic tests for endometriosis and for oesophageal cancer,” he said.
“This substantial capital injection ensures our currently planned activities in these areas are fully funded.”
The capital raise will be completed in two tranches, with the first $7.7 million to settle on August 19. Meanwhile, shareholder approval will be sought for tranche two which will see participation by Proteomics International Directors Neville Gardiner, Paul House and Roger Moore.
Proteomics shares were down 3.57 per cent, trading at 94.5 cents at 1:31 pm AEST.
